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The U.S. dollar bounced back on Friday but could not offset the losses suffered during the week, closing lower against most major pairs at the end of five days. Traders adjusted their positions before the weekend giving some breathing room to the USD.
The Federal Reserve will host its 2-day meeting on Tuesday and Wednesday. The Federal Open Market Committee (FOMC) statement will be published at 2:00 p.m. EDT followed by a press conference by Fed Chair Jerome Powell at 2:30 p.m. EDT.
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A rate lift by the central bank is highly anticipated and has been priced in to the dollar putting more focus on the words of the Fed chief.
Euro Appreciates As Trade War Fears Soften
The EUR/USD surged 1.05 percent this week. The Euro was trading at 1.1743 after a late recovery attempt by the USD on Friday.
E.U. inflation figures and other German data were released this week. German confidence has improved of late and forecasts show that trend will continue, and Euro area inflation came down to 2 percent. The euro has recovered from political uncertainty earlier in the year, but investors will look at fundamentals for guidance.
Oil Ends Week Higher, OPEC Meeting To Provide Guidance
Oil prices rose ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting in Algiers in a week that included supply concerns and pressure from President Trump to keep prices low.
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The production cut agreement by the OPEC and other major producers has been the most important factor in the stabilization of crude prices since the 2014 drop.
Supply disruptions have kept prices in their current ranges even as OPEC and partners such as Russia begin discussing ramping up production.
The biggest disruption to supply this year has come from the reapplication of US sanctions against Iranian exports. Global producers that are part of the supply curb have telegraphed their intentions but weather and geopolitical factors have been offset with global growth and energy demand forecast downgrades.
Weekly US inventories threw another drawdown data point on Wednesday and have kept the black stuff bid. President Trump has used twitter as a macro policy tool and this time his aim fell on the OPEC.
The organization has limited options and will look to Saudi Arabia for leadership as some members have pressured internally to increase production for their own national interests.
This time the U.S. is mixing political and economic factors to force an increase in supply, even though the White House is the one who triggered the latest disruption.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.