The USD gave up some ground in Asian sessions this weekend, and there is not much hard data today, so the markets will look towards ECB President Draghi later .. Draghi is due to testify about the bank’s perspective on economic and monetary developments and the consequences of the Brexit before the Parliament’s Economic Committee, in Brussels.

Later this week the USD will regain focus, with GDP data and November employment data to give us an idea of the pace of the Fed’s rate-hiking through 2017 (December’s rate-hike is now 100% expert).

It is rumoured that Saudi will NOT join today’s todays NON-OPEC oil producer’s meeting, preferring to negotiate with OPEC members at their meeting which starts next week.

German Retail Sales have had 2 months of declines, and indicates an overall weakening of private consumption in Europe…. Eyes will be on this morning’s data for signs of a recovery or a continued slump.

EUR/NOK is falling as NOK strengthens, following better than expected Retail Sales. However, NOK will react much more to the OPEC meeting results through next week.

AUD and NZD are both bouncing back from recent lows against the greenback.

Article Written by:

Glenn Tullett
Infinity International

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