The Dollar’s rally eased off a bit during Monday’s trading, with the USD index descending about 1%, edging below 100 points. The market is eagerly awaiting Wednesday’s Fed meeting, for further hints regarding the expected interest rate raise. A change in the Fed’s regular phrasing, especially omitting the word “patience” regarding the exact date of the hike, could spark another big market move.
The EUR/USD ascended from Friday’s 12 year lows, and traded within 1.055-1.06 range, finding resistance several times around 1.063.
Wall-Street bounced back from a rough Friday, with handsome gains of around 1.3% for the 3 main indices.
Oil prices continued to slump hard yesterday and this morning as well, despite OPEC reports of rising demands. Prices hit fresh 6 year lows reaching 43$, completely erasing all the gains from the last few weeks.
Key Market data today:
12:30 –USD: Building Permits.
21:45 – NZD: Current account
Short-term Resistance: 1.0640