The dollar continues to strengthen after the Fed's hawkish statements. Last week the dollar index updated to next highs and the dollar strengthened compared to the basket of major currencies.
After the press conference of the ECB and the decision to leave current interest rates the same until the end of the year, the euro was weakened and the EUR/USD pair fell below 1.16. Today ECB President Mario Draghi will deliver a speech, during which we expect increased volatility in pairs with the euro.
Oil prices went down while prices for the Brent crude fell below $73 per barrel, which affected the exchange rate of commodity currencies. At the moment the price of the black gold is being spurred by the decision to block OPEC's offer to increase production by Iran, Iraq, and Venezuela. The administration of the US president appealed to OPEC with a request to increase production by 1.5 million barrels per day, due to the possible decline in supplies from Iran due to new American sanctions.
