LeTechs Forex Blog - US Dollar Month-End Dominance & OPEC Meeting Uncertainty

29 Nov

US Dollar Month-End Dominance & OPEC Meeting Uncertainty

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US Dollar Month-End Dominance & OPEC Meeting Uncertainty

# Greenback inches above after unstable week

# OPEC meeting was the focal point of Traders, oil prices soak again

# Italian referendum, banks burden measure on Euro

# Trade counter brace for huge month-end shift following bond sell-off

The dollar inched some gain on Today after an upheaval 24 hours which traders say might just be a forerunner to 3 weeks of Black day events for the 5 trillion dollar a day currency market. Extensively expected to increase next year on Donald Trump's assured fiscal heighten for the US economy, the dollar has sharp & troughed from last Thursday's Thanksgiving holiday with the prevalent tone little profit-taking on growths after the US election.

But traders are also concerned regarding holds the euro into Sunday's Italian referendum or the yen into a meeting of OPEC manufacturers which might set up a deal that promotes oil values & global hunger for risk. Oil values were down more than 1% on Today. The scale of the jump in global bond prices this month added which means there might be important moves around the upcoming 24 hours to equity the price of bonds, equities & special currencies in major houses portfolios for month-end.

That will influence on Wednesday along with the uncertain around the OPEC meeting. In usual we are really weighted for the next 3 weeks.

Price action around the last few days advise those investors betting on a cue to the euro from Sunday's vote in Italy are doing so by buying options bargain that pay out if the currency drives under the 1.05 dollars, low-cost in capital & risk terms than holding a currency position in the money itself.

Fears regarding Italy's banking system have been climbing before the vote, which might depose the government of Prime Minister Matteo Renzi & disrupt his plan to re-drift the banks. There are difficult political outlooks that might play out. Several players speculate if Renzi's resignation will be conventional.

Later on today, investors will look to US Q3 gross domestic product data as well as figures on consumer confidence & consumption for trading hints. They will be pursued by the November employment report on Weekend.

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