Trading week starts volatile

After falling to new annual lows against several major currencies in response to disappointing retail sales and a weak consumer price index before, the US dollar began a new week on a more stable note. The American is more resistant to almost all major currencies, although it is traded mixed with the currencies of emerging markets.

However gains of the dollar is held at a restrained pace. The dollar could not exceed important technical levels. This week, the focus is on the ECB meeting. It can be expected that Draghi will emphasize that the extraordinary monetary policy of the ECB is aimed at maintaining stable inflation.

Markets expect the ECB to continue buying bonds until next year, but the ECB will focus on certain specific classes of assets, such as corporate bonds. The press conference of Draghi will be carefully analyzed, but the announcement of a policy change is likely to happen in September.The market is still digesting disappointing data on the US economy last week.

Oil came close to the resistance of $ 49 an important psychological level, which is an obstacle to further growth. You can also expect a small correction down from this level. At the weekend, Kuwait said that world oil reserves will decline more in the second half of the year on the back of a growing global demand for oil. Technically, with passage and consolidation above the $ 49 level, you can also say that Brent quotations are returned to the area of ​​$ 51 per barrel.