Representatives from 15 oil-rich nations attend OPEC meetings. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
Dollar index slides to three-year minimums
On Monday, the evergreen buck dived to fresh three-year minimums versus a currency basket because demand for the common currency kept being supported by speculation that the ECB is about to scale back its huge stimulus program.
Assessing the greenback’s value versus a basket of six key currencies, the US dollar index hit 90.51, having dived to 90.39 overnight, which is a reading not observed since December 2014.
The currency pair EUR/USD reached 1.2214 having hit a new three year maximum of 1.2239 overnight.
The common currency has edged up since last Thursday’s December ECB minutes told that officials could move to a gradual shift in policy guidance from the first quarter of 2018.
Obviously, any shifts in the bank’s guidance would be perceived by traders as a sign that policymakers are about to start winding down their bond purchasing stimulus program.
Against the Japanese yen the greenback dived to its lowest reading since mid-September, with USD/JPY trading at 110.73 having declined to 110.58.
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The US CPI will come out on Wednesday, May 11, at 15:30 MT time (GMT+3).