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After a sharp multidirectional movements last Friday, when the greenback strengthened sharply against the commodity currencies and fell against the European, formed an interesting technical picture.
On Friday, the International energy Agency (IEA) presented a forecast on the demand and consumption of oil in 2016. According to the forecast, in 2016 the supply of oil will increase due to the drop in demand and increase oil production from OPEC.
In fact, OPEC has 18 consecutive months exceeds its own quotas on the production. So, according to Bloomberg in November oil OPEC amounted to 32,12 million bar/day is formally established quota of 30 million barrels.
Oil prices declined on Friday by 1.9 USD per barrel of Brent crude oil. For oil prices pulled down prices of commodities and some precious metals.
Stock indexes of U.S. and Europe also closed in the red on the day. As a result of the increased concern of investors financial assets began to flow into bonds and safe-haven currencies.
Commodity currencies such as Australian, new Zealand and canadian dollars fell sharply against the dollar USA.
For more nervousness on the financial markets creates anticipation of the fed meeting, which will begin tomorrow. It will decide on rates in the United States. For the first time in many years the rate expected by most economists and market participants, will be raised to 0,375% current instead of 0,250%.
In their respective cross pairs of eurovalue commodity currencies formed a price extremes against major trends.
Today with the opening of the trading days of active correction of the US dollar market. With the support of cross-pairs, the pound is declining on the market and the U.S. dollar.
Weak economic data (almost zero inflation and GDP) in the UK and the indecision of the Bank of England in relation to monetary policy hindered the strengthening of the pound. Prospects of higher interest rates in the UK shifted to a period closer to the second half of 2016. GBP/USD will remain under pressure until 16 December, and if the fed will begin a cycle of tightening monetary policy in the US, and in the medium term.
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