Fri 10th Dec: Dollar holds on to gains as markets focus on FOMC and data release

The Dollar recovered some more ground yesterday against the majors as traders were keen to look at the important data releases scheduled for release on Friday.
The Fed meeting on the 14 December where it is expected to further raise its benchmark rates by 25 bps taking Fedfunds rate to 2.25 percent is also eagerly anticipated.
Another important event of the day would be the OPEC's meeting where it is expected that the cartel would raise its oil price towards the $28 barrel even as oil prices settle down to $42 per barrel releasing pressure on the US consumer and economy.
Also of keen interest would be the PPI numbers which is expected to show a benign rise in inflation while the budget deficit figure could show further deterioration.
The usual rhetoric from the eurozone and Japan continues to weigh on the currencies as Yen was floating at mid 104 levels during the early Japanese session as Japan's PM denounced the domestic currency's sharp movement against the greenback.
The Bank of England kept its end of the bargain by not increasing the interest rates but a rise in the country's trade deficit to 5.3 billion pounds lead to a further fall in the Sterling.