The Euro/Dollar was exposed to extreme levels of volatility during trading on Thursday following the European Central Bank’s market shaking decision to taper its monetary stimulus to the Eurozone from April 2017 until the end of December 2017 or beyond.
Italians will head to the polls on Sunday, Dec. 5, and while the referendum is not about a potential Italexit (Italeave?) it could mark the beginning of the end for Italy's membership in the European Union.
WTI Crude received a pummelling on Tuesday with prices sinking below $49.50 after reports displayed an inflated rise in U.S inventories which revived concerns over the excessive oversupply in the markets.
Stock markets were erratic on Thursday with most major arenas violently swinging between losses and gains as the messy combination of depressed oil prices, a resurgent U.S. Dollar and rising European Central Bank stimulus hopes kept investors on edge.
The euro was trading just above a three-month low against the dollar on Thursday, with the focus on whether European Central Bank President Mario Draghi will indicate that the bank is poised to taper its bond purchase program.
Oil prices fell on Thursday on profit-taking, after markets rallied the previous day on another unseasonal draw in U.S. crude oil stocks helping bullish sentiment from an expectation of an OPEC-led cut in production.