Finance World


Pair finds support at 1.2250 levels

The EURUSD ended the week back near the lows of its range as the dollar gained in strength slowly and steadily after a rough week. In the beginning of the week, dull growth in the average wages weighed heavily on the greenback. Currently, anticipation of the FOMC meeting this week is helping give a boost to the dollar and pushing the pair to end the week near the 1.2250 level supports. However, looking ahead dollar bulls aren’t out of the woods yet. The expectation of a bullish dollar and strong incoming data has been built up so much over the last few weeks that even that data which comes in as expected during this period has been viewed as a failure and a blow to future rate hikes from the Fed. Given the current prices, we expect to see buyers jump into this market, providing upward bias to the pair.

The Bloomberg Commodity Index traded lower for a third consecutive week with major commodities such as crude oil, gold, and copper stuck within relatively narrow ranges. Market jitters ahead of a near-certain sixth US rate hike (in this current cycle) on March 21, together with multiple geopolitical risks and political uncertainty in Washington, have sapped investor demand.

QNB Group intends to recommend to the Extraordinary General Assembly of the Bank, to approve increasing the percentage of non-Qatari ownership in the Company’s capital to 49% instead of 25% in accordance with the applicable provisions of Law No. 9 of 2014 regulating the Investment of Non-Qatari Capital in the Economic Activity and subject to approval of the concerned regulators.

United Arab Bank is pleased to announce the successful completion of its capital increase, which ended on March 7, 2018, to increase the Bank's capital for an amountof AED 687.5 million to add on the Bank's issued capital of AED 1.375 billion.  The Rights Issue will be in the form of 687,516,883 newly issued Shares, with new shares priced at AED 1 per share, and which would increase the Bank's issued share capital to AED 2.063 billion.

Regional markets’ main indices witnessed a mixed performance last week, driven mainly by lack of catalysts and lower oil prices.

The DFMGI was on top of the losing team, having a weekly decrease of -2.4%, adding to its YTD performance to be down by -4.8%. The index’s second heavy weight stock, Dubai Islamic Bank (DIB), mainly drove the decrease,  as it went ex-div. TASI came in second during the week with losses of -1.5%, driven mainly by weaker oil prices, where crude oil ended the week at USD64.37  per barrel, which translated  into a weekly  loss of -4%.