EU Bullet Report | Oil drops ahead of FOMC tonight

The big story last week was the sell off in global equities and the shrinking chance of a Fed rate hike in March. In fact investors are no longer pricing in another round of tightening in 2016 according to Fed fund futures.

Today features the FOMC minutes from the 26/-27 January Fed rate Decision. The minutes are always a possible market mover as it provides some more insight as to the views of the FOMC members in regards to interest rates. Minutes are expected to show that a rate hike in March is highly unlikely. The calendar also features US manufacturing activity, and UK labor market report for December.

Yesterday, the oil price dropped below $30 again, oil ministers from Qatar, Venezuela, SA and Russia agreed on a freeze of production which though does not change anything regarding daily production and supply levels. The announcement was a disappointment for the oil market and the price of Brent crude has dropped around USD 3 a barrel since the announcement.

Keep an eye on the GBPUSD as the trend reversal of the last week seems to be reversing.

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