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Crude Oil Prices Boosted, EUR/USD Suffers Ahead of ECB - US Market Open

Crude Oil Prices Boosted, EUR/USD Suffers Ahead of ECB - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT –Crude Oil Prices Boosted, EUR/USD Suffers Ahead of ECB

DailyFX 2019 FX Trading Forecasts

EUR: The Euro is underperforming ahead of tomorrow’s ECB decision with EUR/USD dipping below 1.10. Price action has been somewhat calm as market participants await from tomorrow’s outcome. Expectation are the ECB to unveil a new stimulus package in order to lift inflation and boost the Eurozone, particularly that of Germany where a German thinktank (IFW) expects that the country slipped into a technical recession in Q3.

USD: A lift in US yields, alongside the pullback in the greenbacks major counterparts has aided the US Dollar throughout the session with the index back above 98.5. However, the aforementioned ECB rate decision will be key for the near-term direction for the greenback.

Crude Oil: Despite yesterday’s decision by President Trump to fire John Bolton (Iran hawk), oil prices have eeked out modest gains as yesterday’s API crude stockpiles showed a large 7.2mln barrel drawdown, as such, eyes will be on the DoE crude inventory report for confirmation, in which expecations are for a 2.686mln barrel drop.

Crude Oil Prices Boosted, EUR/USD Suffers Ahead of ECB - US Market Open

Source: DailyFX

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--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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