Dollar Rises Versus Euro, Oil Drops Before ECB, OPEC Meetings

The dollar hit its strongest since mid-March against its peers at the start of a week likely to highlight the divergent outlooks for U.S. and euro zone interest rates, while oil fell with OPEC ministers expected to keep the pumps on.

The euro EUR= fell against the dollar, before a European Central Bank meeting on Thursday that is expected to unveil fresh monetary easing measures.

The U.S. Federal Reserve,, by contrast, is expected to raise interest rates later this month for the first time in nearly a decade.

European shares opened lower, following falls in Asia, with investors nervous before the Thursday’s meeting at which the ECB may extend its bond-buying program and cut its already negative deposit rate. Shares later picked up.


Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.