XE Market Analysis: North America – May 09, 2018

The dollar came off the boil after logging new highs against the euro and some other currencies. Dollar supply from a 3% spike in oil prices (at the intraday highs), which was a consequence of the U.S. breaking from the Iran nuclear deal, was mooted in market narratives as driving the pullback in the greenback. EUR-USD rebounded form a fresh trend low, settling to a consolidation around 1.1860. The pair earlier posted a new 2018 for the fourth consecutive session, this time at 1.1822.