Euro Open: Oil in Play Ahead of US Event Risk

A handful of second-tier releases failed to elicit a reaction from the markets overnight. Crude prices moved higher to surpass the $126 level overnight, pressuring the greenback. European trading will likely see economic data will take a back seat yet again. Barring wild deviations from expectations, price action is likely to take its cues from broad trends in dollar sentiment. The next major juncture in shaping the market’s outlook will be Tuesday’s FOMC release, with the majors following US equities and oil in the meantime.