According to the analysts working for Bloomberg, the common European currency lost a bit of tis value against the U.S. Dollar and other major currencies. This happened as the result of the expectations that the European Central Bank is going to start another round of quantitative easing.
Mario Draghi, President of the ECB, is going to start a campaign designed to accelerate the inflation rate all the way up to the 2% target. He says that once those steps are not enough, the central bank is ready to take some extra steps to reach the ambitious goal. The decision is going to take place during the forthcoming ECB meeting, which is scheduled for December 3, 2015.
At the same time, Masterforex-V Academy reports that the common European currency went down against the U.S. Dollar to reach 1.062 and even 1.060 and then recovered a bit to 1.065. At this point, 1.060 is a major local low, the lowest level since early 2014. Some experts, including those working for National Australia Bank (NAB) assume that EURUSD is going to hit 1.05 later this year. At the same, the common currency lost a bit of its value against the Japanese Yen, thereby brining EURJPY higher – all the way up to 130,77.
Meanwhile, crude oil prices are still going down. A stronger U.S. Dollar is one of the major reasons for this price weakness of crude oil. Another major factor to consider is poor reports and estimates released for the near-term future of Venezuela ’s oil industry.
Those factor brought Brent futures down to $44/b earlier this morning, which is almost $0,7 below Friday’s close. WTI futures lost $1.05 - $40,85/b. Masterforex-V Academy reports that the strengthening of the American currency triggered an overall plunge in commodities. Venezuela expects a further plunge to 24 dollars per barrels and urges other OPEC members to do something about it collectively to try and bring oil prices back to 80-90 dollars per barrel.
