The US dollar hit its lowest level in more than six weeks at 92.64, due to several factors, the most important was the concern of the Fed members in the latest FOMC minutes on continued tightening of monetary policy as inflation continued to weaken.
On the other hand, the euro took advantage of this weakness, supported by the continuation of the positive data for the euro zone, which supports the ECB's recent decision to ease its monetary stimulus program, and the PMI industrial and service recorded better-than-expected figures, and the highest in a long period. The EURUSD hit its highest level since September 25 at 1.1944.
Also, the pound hit its highest level against the US dollar for almost two months at 1.3359 and is currently trading at a strong resistance area at 1.3320 levels. Several members of the Bank of England said that monetary policy moves depend on the economic developments, and this was confirmed during the hearing session for inflation report before Parliament. On the other hand, the government lowered its forecast for economic growth during the coming period during the presentation of the budget before Parliament.
In the oil market, the market outlook for the oil producers meeting was reversed by the end of next week and the expectations of an extension of the production reduction agreement beyond March 2018 were increased. US crude oil prices are nearing $59 a barrel, their highest level since June 2015.
