In the current trading session, the European currency remains stable, while the Australian dollar is slightly declining. The Euro is waiting for new drivers on the market, and the latest data from Germany shows that household sentiment has improved for the sixth consecutive month. However, consumer incomes are still under pressure due to high inflation, although they are currently benefiting from low energy prices. Philip Lane, Chief Economist of the European Central Bank, has stated that the Eurozone banking sector will soon stabilize, after which the regulator will continue to tighten monetary policy to fight inflation.


On the other hand, the US Federal Reserve is considering the possibility of ending the current cycle of policy tightening, creating good conditions for the growth of the US dollar. The Australian dollar, meanwhile, is trading at around 0.6680 per USD, slightly down from the previous session. The Consumer Price Index (CPI) released yesterday fell from 7.4 percent to 6.8 percent, but still remains above the forecast for 7.1 percent. However, inflation has slowed to an 8-month low, which has given Reserve Bank of Australia officials another reason to oppose the monetary tightening cycle. The decision on this matter may be made at a meeting order later next week.


Meanwhile, oil prices are holding position near $77 per barrel. The suspension of oil exports from Iraq to Turkey is causing fears of a decrease in supply on the market. Additional support for oil prices is provided by data on oil inventories in the US. According to yesterday's report from the Energy Information Administration, US oil inventories fell by 7.51 million barrels against the forecast of a growth of 1 million barrels. These report points had a strong demand for filling the domestic US market. If the sentiment does not change after a short consolidation, oil may resume bullish momentum.


Overall, the Euro remains stable, the Australian dollar is declining, and oil prices are holding their position. These are the main trading ideas for the current session. Market participants will continue to monitor developments in the European and US banking sectors, as well as keep an eye on the situation with oil exports from Iraq.