Quote from Josesv on June 8, 2018, 11:32 PM

The US dollar is lower against major pairs this week as the market prepares for an eventful week. The U.S. Federal Reserve will kick off its June Federal Open Market Committee (FOMC) meeting on Tuesday June 12. The two day meeting is expected to end with the announcement of a 25 basis points rate hike. The same day President Donald Trump will be in Singapore for the much anticipated meting with North Korean Leader Kim Jong Un. That is also the same day that UK Prime Minister Theresa May will ask her party to overturn changes to the EU withdrawal bill. The European Central Bank (ECB) could add support for the single currency with analysts anticipating a hawkish statement signalling faster tapering on its massive QE program.

The EUR/USD rose 0.97 percent during the last five trading sessions. The single currency is trading at 1.1761 ahead of the weekend G7 meeting in Canada. Another currency in good condition as currency in norway is giving very good signs of growth. The biggest topic given the escalation of tariffs prior to the sit down will be trade. The US ended the exclusion from the steel and aluminum tariffs for the EU with a retaliation forthcoming. The trade spat has triggered a flight to safety for investors that have sold the dollar. The EUR has recovered after the Italian political crisis was averted although questions remain on the stability of the Union as the rise of euro scepticism grows.