EUR/USD is recovering after a brief dip toward session lows at 1.4950 and has reverted into the upper end of recent ranges, now at 1.4997. Comments from Fed speakers suggest the status-quo of near-zero will be maintained for the foreseeable future which argues for a continuation of dollar weakness as investors look for higher yields elsewhere.
Oil prices are back above the $80 level this morning in the wake of front-page report in the Guardian that peak oil is closer than we think, a further blow to the greenback. Offers remain in the 1.5020/25 area from Asian central banks. A break targets a return to the 1.5060 region near-term and the 1.5285 area in the medium-term.
