Source: ForexYard
The US dollar remained largely bearish during overnight trading, amid expectations that the Fed will announce a new round of monetary stimulus today. The EUR/USD, currently trading above the psychologically significant 1.3000 level, has gained more than 70 pips in the last 24 hours.
The price of gold was able to capitalize on the dollar’s bearish movement last night to gain close to $6 an ounce. The precious metal is currently trading just below the $1715 level. Crude oil advanced slightly higher than $0.30 a barrel during the Asian session and is currently trading at $86.10 level.
Main News for Today
US Crude Oil Inventories- 15:30 GMT
• Forecasted to come in at -2.6M, slightly below last week’s reading of -2.4M
• A lower than expected figure today would be a sign of increased demand in the US, which could result in gains for oil prices
US FOMC Statement- 17:30 GMT
• Analysts are forecasting the FOMC to announce an expansion of the current US monetary easing program
• If such an announcement takes place, the USD could extend its bearish trend during evening trading
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