Market News

The dollar was higher against its primary trading partners on Wednesday as traders prepared themselves for announcements coming from the Federal Reserve’s latest policy meeting which took place near the end of January.

Oil prices were lower on Tuesday afternoon, weighed by profit taking and a marginally stronger dollar.

The Pound Sterling came under pressure after a US Dollar bounce, and because FX traders are waiting for a read on wage data which is due out on Wednesday.

The dollar was higher against its primary trading partners on Tuesday morning as stocks indexes paused their wining streaks.

The U.S. dollar remained steady on Monday morning in London, supported by Friday’s reports that U.S. homebuilding surpassed a one-year high in January and that building permits hit levels not seen since 2007.

Oil prices hovered near two-week highs on Monday, buoyed by advances in Asian equity markets, though bears still expect pressure from the low dollar and increased U.S. production to weigh on prices in the coming days.

The S&P 500 closed last week with the strongest gains in five years, even as markets wavered after Special Counsel Robert Mueller issued an indictment for 13 Russian nationals and three Russian companies that are believed to have participated in a scheme to interfere with the results of last year’s U.S. presidential election on behalf of Donald Trump.

This week will see a very light news agenda, with little major central bank input, and a few data items of importance concerning primarily the U.K.

The US Dollar Index held near to a 3-year trough during Asian trading on Friday and is set to record the largest 1-week loss since May.

The Pound Sterling edged higher against the US Dollar and cemented recent gains as FX traders await next week’s earnings data to provide some fresh momentum.

Saudi Arabian Energy Minister Khalid al-Falih said on Wednesday that OPEC countries will be better served to keep the oil market tight than to abandon its production cuts.

Asian stocks headed higher on Thursday, after Wall Street’s surge on Wednesday despite inflation data that indicated more interest rate hikes are looming.

The Pound Sterling struck a 5-week trough versus the common currency Euro as investors wait to hear what the British Foreign Secretary will have to say about the Brexit Process.

Investor concerns reared their heads once again on Wednesday in advance of U.S. inflation reports that will either contain the panic or fan the flames later today.

Oil prices retreated slightly on Tuesday, erasing gains made yesterday after fresh forecasts predicted that supply could surpass demand in 2018 despite OPEC’s best efforts to keep supply contained.