Daily Morning Call
From the Floor: Euro holds firm; oil deal eyed – #SaxoStrats
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We're getting off to a quiet start to the week in currency markets though last week's dominant themes of a surging euro and a broadly weaker dollar continue to hold sway. In the commodities space, focus is on Thursday's Opec meeting and expectations of an extension to the bloc's output cut pact with Russia.
- EURUSD firm and on track of 1.20
- Dollar being hurt by US tax reform delays
- Opec/Russia expected to deliver a 9-month extension to output cuts
- Crude oil has risen by 20% since early October
- Gold is holding steady below resistance at $1300