Important events today:

14:00 UTC – US: crude oil inventory data from the Department of Energy.

A mixed background is forming today. On the one hand, we see a decline in US long-term government bond yields, which is negative for the dollar. The Fed Funds rate futures, which are traded on the Chicago CME exchange, are signaling a 1% rate cut next year.

On the other hand, we can expect a decline in the price of oil, which is negative for this currency pair, as the assets are historically correlated with each other. The OPEC+ summit is due tomorrow, but there are rumors in the market that the meeting will be postponed to next week. Saudi Arabia wants other OPEC+ members to aggressively cut production. The United Arab Emirates still oppose additional production cuts and are not ready to make concessions to Riyadh.

Recommendations: flat at 1.2560 -1.2670.