Daily market analysis by NordFX

[Julia NordFX]

Mixed Equity Trends by Weekend

On the last day of the previous trading week, the world’s financial markets closed mixed. In Europe as such, the British FTSE 100 grew 0.25 percent up to 6,567.24 points, the German DAX dropped 0.91 percent down to 9,291.83 points, and the French CAC 40 fell 0.89 percent down to 4,189.89 points.

In Russia, the MICEX index shed 0.02 percent down to 1,497.11 points, and the RTS index fell 0.94 percent down to 1,007.68 points.

In the United States, the Dow Jones grew 0.11 percent up to 17,573.03 points, the S&P 500 picked up 0.03 percent making 2,031.92 points whereas the NASDAQ dropped 0.13 percent down to 4,632.53 points.

On the NYMEX, the price of WTI oil futures for December rose by $0.74 reaching $78.65 a barrel. On London’s ICE, the Brent oil future went up by $0.53 making $83.39 a barrel.

On the Forex market, EUR/USD moved upwards, thus creating a new low. At this point, judging from traders’ sentiments, it’s not clear whether it’s a correction after the slump or a trend reversal. In the latter case, the pair’s next target would be a 1.2670 low.

Anna Gorenkova
NordFX Analyst

 

[Julia NordFX]

GENERALIZED FOREX FORECAST FOR 10-14 NOVEMBER 2014

Generalizing in a table the opinions of 35 analysts from world leading banks and broker companies as well as forecasts based on different methods of technical analysis, the following can be concluded:
- for 10-14 November, the most probable movement of the EUR/USD pair is downwards to the level of 1.2300-1.2340 while a temporary rise to 1.2510-1.2540 is not excluded;
- approximately the same can be said about the GBP/USD pair, the main trend being a fall to the level of 1.5760 and the strongest level of resistance for this pair being 1.6000;
- for USD/JPY analysts predict a sideways trend,while technical analysis indicators for the most part predict further strengthening of the dollar. Most probably last week’s scenario will be repeated – a small growth against the background of sideways movement;
- USD/CHF will carry on striving to rise above the key level of 0.9700.

As for last week’s forecast:
- the forecast for EUR/USD showed a fall to the level of 1.2470, which is what happened, although the fall proved to be more rapid – the pair finished at 1.2454;
- the black candle for GBP/USD was also confirmed, and the pair ended the week at 1.5872, close to the predicted support level;
- for the USD/JPY pair sideways movement with a definite rise was predicted but in reality the dollar got strengthened more than expected;
- and finally, USD/CHF fully confirmedtheforecast, having held a sideways trend all week, albeit with relatively high volatility for this pair.

Roman Butko
NordFX

 

[Julia NordFX]

Indices Began Upward Correction

Yesterday world stock markets closed on the rise whereas oil prices went down. In Europe, in light of positive corporate reports, the British FTSE 100 advanced 0.67 percent up to 6,611.25 points, the French CAC 40 grew 0.79 percent going up to 4,222.82 points while the German DAX 30 added 0.65 percent throughout the trading session and closed at 9,351.87 points.

The Russian market also posted some growth yesterday, with the rouble getting stronger – the MICEX index grew 1.22 percent up to 1,515.36 points, and the RTS index shot up by 3.75 percent making 1,045.51 points.

In the USA, the Dow Jones Industrial Average gained 0.23 percent up to 17,613.74 points, the NASDAQ Composite grew 0.41 percent up to 4,651.62 points, and the S&P BMI picked up 0.31 percent reaching 2,038.26 points.

On Monday, the NYMEX price of WTI oil futures for December fell by $1.25 making $77.40 a barrel. On London’s ICE, the price of the Brent oil future for December went down by $1.05 and finished the day at $82.34 a barrel.

On the Forex market, EUR/USD closed with a bearish candle. At this point, the bearish tone is predominant on the market.

Anna Gorenkova
NordFX Analyst

 

[Julia NordFX]

Russian Equity Slumps along Oil Prices

On Tuesday, world stock markets closed on the up, with the exception of Russia’s equity market. In Europe, in particular, Britain’s FTSE 100 added 0.24 percent finishing trading at 6,627.40 points, France’s CAC 40 grew 0.5 percent up to 4,244.10 points, and Germany’s DAX 30 gained 0.18 percent reaching 9,369.03 points.

As the price of oil dropped to the level of 2010, the MICEX index shed 0.1 percent down to 1,514.78 points and the RTS index slumped 1.58 percent down to 1,028.95 points.

In the USA, the Dow Jones grew 0.01 percent up to 17,614.90 points, the S&P 500 picked up 0.07 percent making 2,039.68 points, and the NASDAQ advanced 0.19 percent up to 4,660.56 points.

On London’s stock exchange, the Brent oil future went down by $1.09 reaching $81.25 a barrel. On the New York Mercantile Exchange, the WTI oil future declined by $0.11 down to $77.29 a barrel. The drop to a new low has to do with the announcement by the UAE Energy Minister that OPEC won’t lower its oil output target. The decision was influenced by an increase in demand in the US.

On the Forex market, EUR/USD is still holding at the same level as yesterday. The pair is starting a new movement.

Anna Gorenkova
NordFX Analyst

 

[Julia NordFX]

Varied Movements on Markets

Yesterday world financial markets closed mixed due to corporate news releases. In Europe, the British FTSE 100 fell 0.25 percent down to 6,611.04 points, the French CAC 40 dropped 1.51 percent down to 4,179.88 points, and the German DAX 30 slumped 1.69 percent finishing the trading session at 9,210.96 points.

On the Russian floor, the MICEX index shed 0.1 percent down to 1,513.83 points whereas the RTS index gained 1.57 percent at once and reached 1,045.09 points.

In the USA, the Dow Jones fell 0.02 percent down to 17,612.14 points, the S&P 500 dropped 0.07 percent down to 2,038.25 points while the NASDAQ grew 0.31 percent up to 4,675.14 points.

The NYMEX price of the WTI oil futures went down by $0.76 making $77.18 a barrel. On the ICE, the price of the Brent oil future was down by $1.29 and closed at $80.38 a barrel. During the trading session, the price of Brent oil dropped below $80 a barrel for the first time.

On the Forex market, EUR/USD is continuing its correction.

Anna Gorenkova
NordFX Analyst

 

[Julia NordFX]

Oil Prices Keep Going Down

Yesterday European and US financial markets closed on the rise whereas Russia’s equity market finished the day with a slump.

In Europe, stock indices posted the following results – the British FTSE 100 grew 0.37 percent up to 6,635.45 points, the French CAC 40 gained 0.19 percent up to 4,187.95 points, and the German DAX advanced 0.41 percent up to 9,248.51 points.

In Russia, trailing after the price of oil, the MICEX index slumped 1.42 percent finishing trading at 1,492.27 points, and the RTS index plunged all 3.15 percent down to 1,012.16 points.

In the USA, the Dow Jones Industrial Average grew 0.23 percent up to 17,652.79 points, the NASDAQ Composite added 0.11 percent making 4,680.14 points, and the S&P BMI gained 0.05% up to 2,039.33 points.

Yesterday, for the first time since 2010, the price of Brent oil future closed below $80 a barrel, at $77.83 to be more exact, with a drop of $2.55. On the NYMEX, the price of the WTI oil future went down by $2.88 reaching $74.30 a barrel. This trend was influenced by a decline in the Chinese index number of industrial production and investments in China’s economy.

On the global Forex market, EUR/USD continues its correction within the narrow range of 1.2510-1.24. There are no signals for entering the market yet.

Anna Gorenkova
NordFX Analyst

 

[Julia NordFX]

GENERALIZED FOREX FORECAST FOR 17-21 NOVEMBER 2014

Generalizing the opinions of 35 analysts from world leading banks and broker companies collected in the table as well as forecasts based on most different methods of technical and graphical analysis, the following can be concluded:
- for the period of 17-21 November, the EUR/USD pair will once again be testing the level of 1.2400, although at the start of the week a small rise to 1.2550 is possible;
- concerning GBP/USD, we can predict a sideways trend with sliding downwards to the level of 1.5580. At the same time, graphical analysis indicates there may be a short hike to 1.5725;
- the USD/JPY pair is probably going to duplicate its behavior in the previous two weeks, strengthening the dollar by another 100-120 points and reaching the level of 117.30;
- opinions regarding the USD/CHF pair diverge. An attempt to sum them up points to a sideways movement with quite strong volatility and a downward tendency to 0.9550.

As for last week’s forecast:

- the EUR/USD outlook was confirmed only partly. However, if any traders didn’t win by taking it into account, they at least should not have lost either. To recap, for 10-14 November analysts predicted a sideways trend with a small slump while indicators unanimously pointed downwards. As predicted, already by Monday-Tuesday the pair tried to break through the level of 1.2400 and then repeated this attempt on Friday, both times unsuccessfully. As a result, EUR/USD finished the week exactly in the range of the predicted rebound 1.2510-1.2540;
- as for GBP/USD, the opinions of both analysts and indicators were unequivocal – downwards and only downwards to the level of 1.5760, which is what happened with 100% accuracy;
- the USD/JPY pair was predicted to repeat the scenario of the first week of November – a sideways movement with definite growth. If you compare the weekly charts, you will see that they practically repeat each other;
- finally, USD/CHF nearly mirrored the behavior of EUR/USD – it got close to its goal of 0.9700 twice but near the very end of Friday it rolled down to last week’s minimum due the news from the USA.

Roman Butko, NordFX

 

[Julia NordFX]

Please note that in the previous post the table is for 17-21 Nov. 2014. Sorry the dates are wrong in it though. Anyway, here's the same forecast table with the correct dates.

 

[Julia NordFX]

Stock Indices Went Up Yesterday

On Tuesday, world stock indices closed predominantly on the rise. In Europe, the British FTSE 100 grew 0.56 percent up to 6,709.13 points, the German DAX 30 advanced 1.61 percent up to 9,456.53 points, and the French CAC 40 added 0.86 percent closing at 4,262.38 points.

On the Russian stock exchange, the MICEX index grew 0.83 percent up to 1,519.61 points and the RTS index – 1.66 percent up to 1,020.77 points.

In the United States, the Dow Jones gained 0.23 percent making 17,688.53 points, the S&P 500 grew 0.52 percent up to 2,051.88 points, and the NASDAQ advanced 0.67 percent up to 4,702.44 points.

Oil prices, on the contrary, went down due to reports that OPEC wasn’t going to cut back its oil output quotas. On the NYMEX, the price of the WTI oil future dropped by $1.03 percent reaching $74.61 a barrel while the ICE price of the Brent oil future fell by $0.67 down to $78.64 a barrel.

On the Forex market, EUR/USD is holding at the same level so far.

Anna Gorenkova
NordFX Analyst

 

[Julia NordFX]

No New Clues for Market Players Yet

In the middle of the trading week, the world’s financial markets closed in a mixed manner. In Europe as such, Britain’s FTSE shed 0.19 percent down to 6,696.60 points, France’s CAC 40 grew 0.09 percent up to 4,266.19 points, and Germany’s DAX 30 added 0.17 percent finishing the trading session at 9,472.80 points.

In Russia, indices also closed mixed – the MICEX index fell 0.11 percent down to 1,517.97 points while the RTS index grew 0.04 percent up to 1,021.17 points.

In the United States, the Dow Jones shed 0.01 percent going down to 17,685.73 points, the S&P 500 dropped 0.15 percent down to 2,048.72 points, and the NASDAQ declined 0.57 percent reaching 4,675.71 points.

Oil futures also finished trading in a varied way, pending the OPEC meeting. The NYMEX price of the WTI oil future went down by $0.03 making $74.58 a barrel. On London’s ICE, the price of the Brent Crude future rose by $0.68 getting to $79.15 a barrel.

On the Forex market, the situation with EUR/USD remains the same – the pair is still holding in the narrow correction range of 1.2565-1.24. The pair needs a good impetus to break out of this range.

Anna Gorenkova
NordFX Analyst

 

[Julia NordFX]

Thursday Ended Mainly on a Positive Note

Yesterday world financial markets closed mainly on the rise, except for the European equity market. Due to the impact of corporate reports, European indices posted the following results – the British FTSE 100 fell 0.26 percent down to 6,678.90 points, the French CAC 40 dropped 0.75 percent down to 4,234.21 points whereas the German DAX 30 grew 0.12 percent finishing the trading day at 9,483.97 points.

In Russia, the MICEX index gained 0.82 percent going up to 1,530.40 points, and the RTS index advanced 1.88 percent up to 1,040.36 points.

In the USA, the Dow Jones Industrial Average grew 0.19 percent up to 17,719 points, the NASDAQ Composite gained 0.56 percent up to 4,701.87 points, and the S&P BMI added 0.2 percent reaching 2,052.75 points. The US equity got a boost from positive macroeconomic data – existing home sales went up, the number of first-time claims for state unemployment benefits decreased and is under 300,000 second moth running. Analysts consider it as a sign of improvement on the labor market.

Yesterday oil prices also posted a rise. On the NYMEX, the price of December futures for Light Sweet Oil of mark WTI rose by $1 and finished the trading session at $75.58. The ICE price of futures for North Sea oil of mark Brent went up by $1.23 and reached $79.33 a barrel.

Thursday’s news, however, had no bearing on EUR/USD movements on the global Forex market. The pair is still holding in the correction range. It’s a wait and see situation.

Anna Gorenkova
NordFX Analyst

 

[Julia NordFX]

GENERALIZED FOREX FORECAST FOR 24-28 NOVEMBER 2014​

Generalizing the opinions of 35 analysts from world leading banks and broker companies as well as forecasts based on different methods of technical and graphical analysis, the following can be concluded:
- 24-28 November, while securing itself at 1.2400, the EUR/USD pair will be in a sideways trend. At the same time, a fall to the 1.2350 mark is possible;
- a sideways trend can also be predicted for GBP/USD with strengthening volatility in the corridor of 1.5575-1.5720 towards the middle of the week;
- the USD/JPY pair, most probably, will once again strive to get to the level of 118.75-119 after which a retreat to 115.70 will follow;
- and finally, after several weeks of deliberation both analysts and indicators have reached the consensus that USD/CHF will continue moving upwards to at least 0.9740.

As for last week’s forecast:
- the general outlook for EUR/USD was fully confirmed. Both the predicted growth at the start of the week and the fall to the level of 1.2400 occurred. Although the upper boundary of the range turned out to be slightly higher than the calculated one (1.2550), we can say that the pair worked within the prescribed limits, finishing the week with the long awaited spectacular break of the lower rate of 1.2400;

- as for the GBP/USD pair, a sideways trend with possible growth to the 1.5725 mark and sliding down to the level of 1.5580 was predicted, which is what happened. After a bold swoop on the top boundary of 1.5725, already Monday morning the pair began rolling down rapidly, stopping at the 1.5590 mark 19 November and then rebounding to the levels of the beginning of the week;

- as predicted, USD/JPY repeated its behavior over the previous two weeks precisely, breaking through the 117.30 mark on Wednesday and strengthening the dollar by another 160 points;

- the opinions of the analysts and the technical analysis indications regarding USD/CHF diverged. With that, strong volatility with a possibility of a fall to 0.9550 was predicted for the pair. The range of the fluctuations of the exchange rate indeed turned out to be strong – over 175.5 points, while the pair approached the 0.9550 mark more than once.

Roman Butko, NordFX

 

[Julia NordFX]

Markets Wait for OPEC Meeting Results

Yesterday world financial markets closed mixed awaiting the results of the OPEC countries’ meeting. On Europe’s floors, the British FTSE 100 shed 0.03 percent finishing at 6,729.17 points, and the French CAC 49 fell 0.20 percent down to 4,373.42 points. The German DAX 30, on the contrary, grew 0.55 percent ending up at 9,915.56 points.

In Russia, the MICEX index added 0.51 percent going up to 1,537.43 points while the RTS index slumped 2.54 percent down to 1,027.61 points.

In the USA, the Dow Jones Industrial Average grew 0.07 up to 17,827.75 points, the NASDAQ Composite advanced 0.61 percent up to 4,787.32 points, and the S&P 500 BMI picked up 0.28 percent reaching 2,072.83 points.

Oil prices are falling. On the NYMEX, the cost of futures for American light oil of mark WTI went down by $0.40 and got to $73.69 by the end of the trading session. The ICE price of January futures for the North Sea petroleum mix of mark Brent dropped to $77.82 a barrel. Market players are waiting for the results of today’s OPEC meeting.

On the global Forex market, EUR/USD is still within the correction range of 1.2565-1.24. So far, nothing has managed to push the pair out of and beyond these boundaries.

Anna Gorenkova

NordFX Analyst

 

[Julia NordFX]

OPEC Will Keep Oil Output Unchanged

On Thursday, world financial markets posted mixed trading results mainly because the importance of OPEC’s decisions varies from country to country. For instance, Europe paid closer attention to the fact that Germany’s jobless rate went down to 6.6% (the forecast was 6.7%). Therefore, European stock indices made gains for the most part – France’s CAC 40 grew 0.2 percent up to 4,382.34 points, and Germany’s DAX 30 advanced 0.6 percent up to 9,974.87 points. The British FTSE 100 ‘spoiled’ the picture a bit by dropping 0.09 percent down to 6,723.42 points.

For the Russian equity market, the OPEC countries’ decision to keep oil output quotas the same (30 million barrels a day) had a negative impact – the MICEX index fell 0.37 percent down to 1,531.69 points, and the RTS index slumped 2.06 percent down to 1,006.43 points.

Oil prices went down significantly, in turn. In New York, the price of WTI oil plunged by $4.64 reaching $69.05 a barrel while the ICE price of Brent oil for January plummeted by $4.93 making $72.82 a barrel.

There was no trading in the United States due to Thanksgiving Day celebrations.

On the Forex market, EUR/USD is still at the same level.

Anna Gorenkova
NordFX Analyst

 

[Julia NordFX]

GENERALIZED FOREX FORECAST FOR 1-5 DECEMBER 2014​

Generalizing in a table the opinions of 35 analysts from world leading banks and broker companies as well as forecasts based on various methods of technical and graphical analysis, the following can be concluded:
- for the period of 1-5 December, the EUR/USD pair is expected to have a sideways trend with quite high probability of falling to 1.2350;

- the battles of the bulls and the bears seem to be slowing down ahead of Christmas holidays. Thus, GBP/USD will most likely display a sideways movement in the 1.5580-1.5675 range while at the same time the pair may show a downward tendency;

- the USD/JPY pair, lacking any obvious trends, doesn’t divert from the general picture either. The main fluctuations will be occurring around the axis of 118.30. With that, at the start of the week a rise to 119.15 is possible, followed by a rebound to 117.60 and even to 117.10;

- finally, USD/CHF is still predicted to go up to 0.9700-0.9800 in the medium term. The support is at the level of 0.9620.

Let’s have a look at last week’s forecast:
- the EUR/USD pair was predicted to have a sideways trend around the level of 1.2400 and a possible fall to 1.2350. In reality, the pair went down to 1.2360 for a short period of time and then continued its sideways movement, finishing the month at practically the same mark as at the beginning of November – 1.2450;

- as for GBP/USD, a sideways trend was also predicted with strengthening volatility in the corridor of 1.5575-1.5720 in the middle of the week. The forecasts came true concerning the sideways trend and the increased volatility – the pair finished at the same level as it started at the beginning of the week while the peak of the fluctuations of the exchange rate came about on Wednesday-Thursday. However, the experts were mistaken about the boundaries of the corridors – they turned out to be significantly higher at 1.5620-1.5820;

- the USD/JPY pair demonstrated the promised attempts to conquer 118.75 twice in one week, which happened on Friday. However, since that occurred at the very end of the weekly session, the pair apparently didn’t have enough time for a serious rebound downwards, which we can expect in the next week or two.

Roman Butko, NordFX

 

[Julia NordFX]

Oil in the Red Again

Last Friday the world’s financial markets closed mixed. In Europe, the British FTSE 100 shed 0.01 down to 6,722.62 points, the German DAX 30 grew 0.06 percent up to 9,980.85 points, and the French CAC 40 added 0.18 percent closing at 4,390.18 points.

On the Russian market, the MICEX index gained 0.13 percent up to 1,533.68 points whereas the RTS index plunged 3.2 percent down to 974.27 points.

In the United States, the Dow Jones didn’t change much closing at 17,828.24 points, the S&P 500 fell 0.25 percent down to 2,067.56 points while the NASDAQ grew 0.09 percent up to 4,791.63 points.

On the NYMEX, the price of the WTI future slumped by $3.06 reaching $65.99 a barrel. The ICE price of the Brent oil future went down by $2.80 and made $70.02 a barrel.

On the Forex market, EUR/USD still can’t find an impetus for breaking out of the correction range 1.2510-1.24. However, according to the technical picture, the dollar may continue its rise.

Anna Gorenkova
NordFX Analyst

 

[Julia NordFX]

EUR/USD at a Standstill

On Monday, the world’s stock markets closed mainly in the red zone against the backdrop of macroeconomic data while the price of oil went up. In Europe, the FTSE 100 fell 0.99 percent down to 6,656.37 points, the CAC 40 shed 0.29 percent down to 4,377.33 points, and the DAX 30 dropped 0.17 percent down to 9,963.51 points.

On the Russian floors, the MICEX index grew 2.91 percent at once and reached 1,578.38 points whereas the RTS index shed 1.64 percent making 958.33 due to a worsened exchanged rate for the rouble.

In the USA, the Dow Jones fell 0.29 percent down to 17,776.90 points, the S&P dropped 0.68 percent down to 2,053.44 points, and the NASDAQ slumped 1.34 percent getting down to 4,727.35 points.

The NYMEX price of the WTI oil future rose by $2.85, up to $69 a barrel. On the ICE, the price of the Brent oil future went up by $2.38 and made $72.40 a barrel. However, it’s too early to speak of the trend reversal for oil.

On the Forex market, the situation with EUR/USD remains unchanged so far. The pair needs a serious boost to start moving again.

Anna Gorenkova
NordFX Analyst

 

[Julia NordFX]

EUR/USD Approaches Key Level

Yesterday world stock markets closed mainly on the up whereas oil prices dropped. Most of European equity finished trading on the rise in anticipation of the introduction of new economic stimulus measures by the ECB at its meeting this Thursday. Thus, the French CAC 40 grew 0.25 percent up to 4,388.30 points, and the British FTSE 100 advanced 1.29 percent up to 6,742.10 points. As for the German DAX 30, it shed 0.3 percent going down to 9,934.08 points.

On the Russian floors, the MICEX index grew 0.3 percent up to 1,583.12 points while the dollar-based RTS index plunged 3.43 percent down to 925.43 points.

US equity went up thanks to positive corporate reports and reached new highs. The Dow Jones Industrial Average grew 0.58 percent up to 17,879.55 points, the Standard & Poor's 500 gained 0.64 percent up to 2,066.55 points, and the NASDAQ Composite added 0.6 percent finishing the trading session at 4,755.81 points.

On the NYMEX, the price of the WTI oil future fell by $2.12 down to $66.88 a barrel. The ICE price of the Brent oil future dropped by $2 and made $70.54 a barrel.

Yesterday on the global Forex market, EUR/USD went down but still didn’t break out of the correction range. Today, the pair is going down again, having breached the bottom boundary of the correction corridor. If the fall continues, the next target for the pair will be 1.22, which is the bottom line of the weekly triangle the pair has been forming since 2008.

Anna Gorenkova
NordFX Analyst

 

[Julia NordFX]

No Good News from ECB

On Thursday, world financial markets finished trading with a slump in major stock indices. In Europe, the British FTSE 100 fell 0.55 percent down to 6,679.37 points, the German DAX 30 dropped 1.21 percent down to 9,851.35 points, and the French CAC 40 slumped 1.55 percent closing at 4,323.89 points. Investors were disappointed with ECB President Mario Draghi’s speech. He assured that the ECB was ready to undertake additional economic stimulus measures if needed but he didn’t clarify what those measures might be.

Russia’s equity also went down – the MICEX index fell 1.54 percent down to 1,582.08 points, and the RTS index plunged 3.16 percent altogether, reaching 918.65 points.

In the United States, the Dow Jones Industrial Average shed 0.07 percent down to 17,900.10 points, the Standard & Poor's 500 fell 0.12 percent down to 2,071.92 points, and the NASDAQ Composite dropped 0.11 percent finishing the trading session at 4,769.44 points.

On the global commodity market, oil prices went down some more. In New York, the price of WTI oil futures for January delivery dropped by $0.57 down to $66.81 a barrel. The price of Brent oil futures for January fell by $0.28 and closed at $69.64 a barrel. Yesterday Saudi Arabia announced discounts for Asian and American consumers in January.

On the Forex market, EUR/USD finished trading below 1.24 yesterday. The forecast for a downward movement holds so far.

Anna Gorenkova
NordFX Analyst

 

[Julia NordFX]

Oil Prices Are in the Negative Again

Last Friday, European and US indices posted a noticeable rise whereas Russia’s equity keeps falling alongside oil prices.

In Europe, the British FTSE 100 grew 0.95 percent up to 6,742.84 points, the French CAC 40 hiked up by 2.21 percent reaching 4,419.48 points, and the German DAX advanced 2.39 percent finishing the trading session at 1,087.12 points.

In the USA, the Dow Jones Industrial Average gained 0.33 percent up to 17,985.79 points, the Standard & Poor's 500 grew 0.17 percent up to 2,075.37 points, and the NASDAQ Composite added 0.24 percent ending up at 4,780.76 points.

Last Thursday, ECB President Mario Draghi didn’t give any specific dates for the revised economic stimulus plan, which led to a drop in equity rates. However, on Friday, ECB sources reported that the Central Bank was ready to consider introducing quantitative easing already in January 2015.

Besides this, investors reacted positively to the US non-farm job figures. In November, the number of jobs increased by 321,000, which is the highest since January 2012.

With that, the NYMEX price of WTI oil futures for January went down by $0.97 making $65.84 a barrel. On London’s ICE, January Brent oil futures dropped by $0.57 and finished trading at $69.07 a barrel.

Russian indices also slumped following oil prices. The MICEX index plunged by 3.34 percent down to 1,529.20 points, and the RTS index fell 1.08 percent down to 908.75 points.

On the Forex market, EUR/USD is going down to around 1.22, which is the bottom line of the weekly triangle the pair has been forming since 2008.

Anna Gorenkova
NordFX Analyst