Dollar May Overtake Euro Soon

January 26, 2015

On the last day of the previous trading week the world’s financial markets closed mixed as is often the case. European indices closed with the biggest rise since 2011 in light of expectations for the QE launch. The British FTSE 100 grew 0.53 percent up to 6,832.83 points, the German DAX hiked up by 2.05 percent closing at 10,649.58 points, and the French CAC 40 advanced 1.93 percent up to 4,640.69 points.

In Russia, the MICEX index grew 0.3 percent up to 1,671.80 points, and the RTS index gained 0.5 percent going up to 820.99 points. S&P is expected to announce its decision about Russia’s sovereign rating this week.

In the United States, the Dow Jones Industrial Average shed 0.79 percent finishing the trading session at 17,672.60 points, the S&P 500 BMI fell 0.55 percent down to 2,051.82 points whereas the NASDAQ grew 0.16 percent up to 4,757.88 points.

On the NYMEX, the price of the March futures for WTI oil went down by $0.72 and made $45.59 a barrel. On London’s ICE, the price of March futures for oil of mark Brent rose by $0.27 and reached $48.97 a barrel.

On the Forex market, EUR/USD continues to go down. Players are getting rid of euros due to the unstable situation with Greece and its possible exit from the EU. Judging from the weekly and monthly charts (clearly showing a technical triangle pattern and a break downward), the euro may freely fall all the way down to 0.94.  

Anna Gorenkova, NordFX Analyst

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