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The US Dollar continued to edge cautiously higher as investors look to the upcoming monetary policy decision from the US Federal Reserve Bank.
Oil prices remained near eight-week highs on Wednesday morning after data released on Tuesday by the American Petroleum Institute showed that U.S. crude stockpiles declined by 10.2 million barrels last week even as refineries increased output.
The US Dollar Index remained close to a 13-month trough as FX traders hold onto the sceptic’s view that the Federal Reserve Bank will do little to impact the greenback’s weakened trend.
OPEC’s move to limit Nigerian oil production combined with Saudi Arabia’s promise to limit exports in August sent oil prices higher on Tuesday morning.
The US Dollar Index is trading close to a 13-month trough as political turmoil in the US had led to diminished expectations that Donald Trump will be able to push through the various agendas that he had campaigned for in his bid to become the US President.
The dollar struggled against most of its trading partners including the euro, yen and pound on Monday morning, skirting 13-month lows.
This week will be dominated by high-impact U.S. data, including one of the primary market highlights of the month, the FOMC Statement and Federal Funds Rate. Therefore, volatility this week should be somewhat higher than it was last week.
The dollar weakened further early Friday morning morning with no end to the spiral in sight after European Central Bank President Mario Draghi making comments on Thursday afternoon that sent the common currency to near two-year highs against the greenback.
Negotiations on Wednesday between the United States and China failed to reduce the U.S. trade deficit with China.
Asian shares hovered near decade highs on Thursday morning, supported by strong U.S. corporate earnings and optimism about Japanese and European central bank meetings later today.
The US Dollar Index was trading close to a 10-month trough as investors await major policy decisions from several of the globe’s key central banks.
U.S. crude stockpiles rose last week, the American Petroleum Institute announced on Tuesday, with the U.S. adding 1.6 million barrels, bring its total to 497.2 million barrels.
The US Dollar Index traded at 10-month trough as concerns grow over the Federal Reserve’s likeliness to hike interest rates given the current economic environment.
The dollar index hit fresh nine-month lows on Tuesday morning, trading as low as 94.773 .DXY, after two more United States senators withdrew their support of Trump’s healthcare bill, a move that almost certainly sealed the bill’s demise.
The Pound Sterling came under pressure against the US Dollar as cautious traders exert their influence ahead of the Brexit negotiations.