European markets seems to have shrugged off after the Brussels attacks on Tuesday.
The US Dollar recovers losses against all majors.
The GBP declined by 0.94% against the US Dollar.
It’s clear that the US Dollar gains strength against all majors well ahead of the Fed Rate decision on March 16.
Oil prices are confidently heading to the $40 level.
The US Dollar turned to a defensive stance on Thursday against its major international peers.
Oil had a rocky session on Wednesday, despite strong bearish signals from the Energy Information Agency.
The USD bulls have strong grounds to stand by their bets, and Tuesday’s Manufacturing ISM data proved they are on the right track.
The biggest Oil producing nations will hold a meeting in the middle of March, where output talks will be resumed.
Collapsing energy market saw a glimmer of hope for a rebound due to positive fundamental shifts that happened this week.
Rumors of a production cut have cut Oil prices by over 10% last Friday.
The Wednesday ISM report revealed significant slowdown in business activity in the US service sector.
Oil’s longest upward streak halts as China’s industry sector keeps slowing down and OPEC maintains high pumping volumes despite global surplus.