Today will be the Fed meeting at which Janet Yellen will chair for the last time. It is expected that interest rates will be increased for the last time this year, and that three new increases for next year will be announced. This is evidenced by statistics released yesterday about that producer price inflation rising to 3.1% from 2.8%.
In addition, today is expected the publishing of the Consumer Price Index for November, a statement by the US President Donald Trump, and the publication of FOMC forecasts, followed by a press conference, so the market will be particularly mobile in the course of these events.
Against the background of increasing demand for reserve currencies all commodities started a drawdown, including oil prices yesterday which reached 2-year highs on news about the problems on the pipeline Forties which closed for repair. Thus, all the commodity currencies have started to show a drawdown.
Today we also expect a weekly report on crude oil stockpiles in the US, where, according to some estimates, exports decreased, but this is unlikely to be able to change the trend as the US record increased oil exports this year and increased production to the level of 9.7 million barrels per day, which is comparable with the volume production of Saudi Arabia. This neutralizes the OPEC deal to cut supply to settle prices for the black gold.
Recall that last year a moratorium on the export of oil from the United States was lifted, after lasting for nearly 40 years.
