Euro Riding High as 2020 Looms | Oil Stays Hot After US Airstrikes
Published December 30, 2019
After a rough 2019, the euro is looking to ring in the new year on a high note as it takes advantage of the US dollar sell-off. Market optimism lead to the dollar-dump on Friday that saw the greenback post its biggest one-day decline since June. The euro, which is sitting at its highest level since August, is also getting a boost from recent data showing signs of improvement for the struggling European economy.
Oil has also had a strong finish to the year, with WTI up around $7.00/bbl (more than 12%) since the beginning of December. Yesterday’s US air strikes on Syria and Iraq have caused some concern regarding impact on oil supply, and has pushed global oil prices higher this morning.
If you’re looking for excitement, you probably won’t find it in FX markets this week. Most market participants are out until after New Year’s Day, which will likely mean more thin and choppy trading to close out 2019. With the holiday-shortened week ahead, the economic calendar is bare until Thursday when minor US jobs, US manufacturing, and Canada manufacturing numbers are set for release. Friday could be a bit more eventful with US ISM Manufacturing, FOMC minutes, and German inflation data headlining the day.