The Euro and the Dollar under Pressure

Economic News
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The Euro and the Dollar under Pressure

Today in the spotlight will be the decision to extend the government's work in the United States; the fact that the government might be suspended will have a negative impact on the dollar. However, if a sufficient number of votes for the renewal of the government's work is reached we can expect a short-term strengthening of the reserve currency. The dollar also contributed to the reduction of weak economic data despite the fact that the unemployment rate has fallen to record lows. In addition, in the US today there will be a speech made by member of FOMC Quarles.

The European currency may also be affected by the political events in Germany since during the weekend a vote of the Social-Democratic Party for a coalition with Angela Merkel will be held.

Moreover, the ECB governor Mario Draghi may speak in support of the ECB members who are dissatisfied with the strengthening of the single currency and are trying to weaken the Euro. Because of this, we also expect pressure on the single currency from the market.

Oil prices this week almost did not depart from their 3-year highs. OPEC reported on the implementation of their agreement that has maintained the price level, but in the US the increase in shale oil production and an increase in the number of drilling rigs are putting pressure on oil prices. According to analysts, this year the United States will reach record levels of oil production and will exceed 10 million barrels per day, because the current level of energy prices is temporary.

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