30.01.2023: USD begins week on higher note. Outlook... (cn)

On Friday, oil kicked off the North American trading session with steep losses amid a stronger dollar across the board. Nevertheless, the asset is still trading in a relatively wide range it has been stuck in for over a week.
The quotes just shifted to the lower boundary of the range (85.50/89). In many ways, such stability can be attributed to the upcoming meetings of the Federal Open Market Committee and the European Central Bank. Investors do not want to take risks ahead of such significant events, given that their outcome is unpredictable. However, the market cannot stand still, so the most likely scenario suggests a gradual movement to the upper boundary of the range, that is, the level of $89 per barrel.
As for gold, the situation is similar. However, the meetings of the key central banks is of far greater importance to the yellow metal than to oil. The asset is expected to approach $1,950 per ounce by Wednesday. The outcome of monetary policy meetings will determine whether gold can eventually rise to $2,000 per ounce and above. If their results disappoint investors, gold will most likely slide to at least $1,900 per ounce by the end of the week.
Meanwhile, after a short-lived surge, the US dollar returned to the range of 68 to 69 rubles per dollar. Apparently, the pair is getting ready to shift to the area of 67 to 68 rubles per dollar. This is indicated by the ruble lagging behind other currencies, which have gained ground against the greenback in recent weeks. Of course, much will depend on the outcome of the Fed meeting. If the regulator rules out interest rate cuts this year, the dollar may well advance to 70 rubles.

00:00 Introduction
00:20 Brent
01:200 Gold
01:40 USD/RUB
02:20 Conclusion

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