The Crude Oil Inventories that are set to be release at 14:30 GMT are expected to set the pace of the forex market today. The figure is expected to be 2.0 million barrels, and an end result lower than this could lend significant support to Crude today. In turn, this could drive down the Dollar, push-up Gold even further, and even help strengthen the EUR. Both Crude and Gold have risen significantly in the past week, and any important news from the leading economies could drive these commodities even higher.
So far today, the EUR/USD is already trading higher by an astonishing 125 pips at the 1.4700 level. The GBP/USD cross is virtually unchanged. However, the USD is trading lower vs. the Canadian Dollar. Another important release that is recommended that you follow is the U.S. Consumer Credit results at 19:00 GMT. The volatility in the forex market is set to increase from now; therefore you traders are advised to buy-up positions in the major crosses as soon as possible. Moreover, it is recommended that you don't miss out on this unique opportunity.