Today is the first day of the month, so now comes a mass of reports for the previous month. Today we would receive a production figure from the Asian market including Malaysia, Japan, Australia, South Korea, India, Indonesia, Vietnam, and Thailand.
The most important factor today which will have a key impact on the single currency is the announcement regarding the interest rate. It is expected that the policy will be to maintain the interest rate in the range from 1 to 1.25%. In the case of an increase of this figure, the dollar will strengthen against major currencies.
In addition, today in the US data will be released on crude oil stockpiles. Brent crude oil at the moment has reached a 2-year high and continues to grow in value. Now the price is close to the level of 61.50 dollars per barrel. Brent last traded at this level in June 2015, but this contributes to a number of fundamental factors such as the decline in stocks and the number of drilling rigs. Hoping for a long upward movement is not necessary because in this case this increases the profitability of more shale oil exraction, which will be able to increase its market share and thus again send prices below $60 per barrel.
