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

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


  1. Brexit Latest: Scottish Civil Court Rules UK Parliament Suspension ’Unlawful’” by Nick Cawley, Market Analyst
  2. S&P 500, Gold Price, Crude Oil Technical Outlook & More” by Paul Robinson, Currency Strategist
  3. CAD Technical Analysis Overview: USD/CAD, EUR/CAD” by Justin McQueen, Market Analyst
  4. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

— Written by Justin McQueen, Market Analyst

To contact Justin, email him at

Follow Justin on Twitter @JMcQueenFX

Products You May Like

Articles You May Like

JP Morgan on the yen – narrow ranges to persist
Gold Price News and Forecast: XAU/USD flag breakout suggests scope for a rise to $1,562
Forex Trading Strategy Perfect For Newbies And Grandmas
A theory on who’s doing all the buying that’s pushing stocks higher and higher
USD/MXN – US Dollar Quiet on Major Support vs Mexican Peso

Leave a Reply

Your email address will not be published. Required fields are marked *