Market News

Oil prices were down slightly on Thursday, posting their first weekly loss in over a month, under pressure from record high U.S. stockpiles, a strong dollar and weakening equity markets.

For a 5th straight day, the US Dollar Index edged higher, moving toward a record for best string of gains in nearly a year.

U.S. equities showed losses overnight as fresh declines in oil prices pushed Asia markets lower Thursday morning.

Federal Reserve officials, with more hawkish commentary than usual, helped to broadly support the US Dollar.

The dollar stabilized on Wednesday, buttressed by hawkish comments from U.S. Federal Reserve officials. The dollar index which tracks the U.S. currency against six major rivals, inched about 0.1 percent higher to 95.758.

European stocks fell on Tuesday and safe-haven assets, gold and government bonds rose in price after explosions at Brussels airport and Metro stations killed twenty-three people and left close to 35 others injured.

The dollar held firm on Tuesday, extending its rebound for a second session after several Federal Reserve officials in separate appearances supported the case for a hike in interest rates at the next Fed meeting in April.

The Pound Sterling was hit hard and fast as concerns continue to grow over a possible British exit, aka Brexit, from the E.U.

European markets are expected to open lower on Monday, following mixed trade in Asia and a drop in oil prices that continues to hit investor sentiment in global markets.

It is almost certainly going to be a much quieter week this week than last week, with a total absence of any central bank inputs concerning any major global currencies, and with public holidays scheduled in several markets. Get the economic and political calendar for the popular currencies for the week of March 21, 2016 here.

There seems to be some good news out of China. Recent data show some improvement in the economy’s activity but the country still faces downward pressure.

Oil prices saw slight increases in Asian trade on Friday reaching new highs for 2016 following strong gains the previous session.

In the wake of the Fed’s back-pedaling rhetoric, the US Dollar fell against most major currencies during today’s session.

The Federal Reserve held interest rates steady on Wednesday and indicated that moderate U.S. economic growth and strong job gains would offer opportunities for it to tighten policy this year.

As FX traders await the upcoming Fed decision, momentum has driven the US Dollar broadly higher.