Euro is at one month highs against the USD after the last ECB communication seems to suggest that we may be at a point were raising rates may be on the books again. Granted it is not something that is iminent but we may be at some kind of a turning point. EURUSD is currently at 1.06732 after hitting highs of 1.0714 earlier this morning.

US dollar was however on the defensive ahead of the FOMC communciation next Wednesday and after Friday’s stronger than expected NFP numbers continued to fuel expectations for a March rate hike.

Meanwhile the British pound has gained traction this morning as well, after opening today’s session at 1.2155 GBPUSD has reached session highs of 1.2239 – defying expectations of a sooner move lower. GBPUSD is currently at 1.2215 and is finding support above 1.2208.

Today is relatively a quieter day for the economic docket with the highlight going to ECB President Mario Draghi’s speach in Frankfurt. Sentiment so far seems mildly positive although any serious gains throughout the Asian and now also throughout the European session have remained in check ahaead of Wednesday’s FOMC meeting communciation and a possible start of the race for Brexit.