Dollar Moves Away From Friday’s 4-Month Low Vs Yen. The dollar inched up early on Monday, moving away from the four-month low against the yen weighed in the previous session on concerns that White House personnel changes will impair President Donald Trump’s ability to pass tax reform and stimulus measures. The dollar was up 0.1 percent at 109.265 yen, after it fell as low as 108.605 yen on Friday, the lowest since late April.
Euro Steady Against Its Major Counterparts. European Central Bank will not deliver a new policy message at the Fed conference, two sources familiar with the situation said, tempering expectations for ECB to start charting the course out of stimulus. About $45 billion of euro-dollar currency options on the exchange rate will expire in the three days leading up to the Wyoming meeting.
Oil Stable As Market Conditions Tighten. Oil markets were stable early on Monday, holding on to Friday’s big gains despite rising U.S. output that weighed on hopes the market will tighten with crude inventories down 13 percent since March. Traders said the market was somewhat held back by rising U.S. production, which has broken through 9.5 million barrels per day (bpd), its highest since July 2015. The Baker Hughes energy services firm reported on Friday that the rise in U.S. output may soon slow, as energy firms cut rigs drilling for new oil for a second week in three.
Watch Out This Week For:
WED., 10:00 am GMT: GBP Inflation Report Hearings
THURS., FRI., 24h: USD Jackson Hole Symposium
By MEX Group Team
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