Oil Prices got a boost after the EIA announced a 4.143 million crude oil drawdown. The gains were muted ahead of next week’s Opec meeting and the risk that production caps are scrapped.
Thursday Focus: UK Retail Sales data will keep GBPUSD traders busy at the start of European trading, but the real focus will be on the ECB meeting. Arguably, the Feds upbeat outlook and the higher dot-plot forecast was a bit of surprise. Perhaps Mario Draghi will return the favour. Markets are expecting an announcement as to when QE will end. Recent weak economic reports and a rigidly dovish Draghi may disappoint them, sending EURUSD to its recent low.
Chart: EURUSD 30 minute