MARKET DEVELOPMENT –Crude Oil Costs Boosted, EUR/USD Suffers Forward of ECB
DailyFX 2019 FX Buying and selling Forecasts
EUR: The Euro is underperforming forward of tomorrow’s ECB choice with EUR/USD dipping under 1.10. Value motion has been considerably calm as market individuals await from tomorrow’s end result. Expectation are the ECB to unveil a brand new stimulus package deal as a way to elevate inflation and increase the Eurozone, notably that of Germany the place a German thinktank (IFW) expects that the nation slipped right into a technical recession in Q3.
USD: A elevate in US yields, alongside the pullback within the dollars main counterparts has aided the US Greenback all through the session with the index again above 98.5. Nevertheless, the aforementioned ECB fee choice might be key for the near-term path for the buck.
Crude Oil: Regardless of yesterday’s choice by President Trump to fireplace John Bolton (Iran hawk), oil costs have eeked out modest positive aspects as yesterday’s API crude stockpiles confirmed a big 7.2mln barrel drawdown, as such, eyes might be on the DoE crude stock report for affirmation, during which expecations are for a 2.686mln barrel drop.
WHAT’S DRIVING MARKETS TODAY
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— Written by Justin McQueen, Market Analyst
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