Oil’s recent rally to multi-month highs may continue to fade this week if minutes from the U.S. central bank’s January meeting – due Tuesday – suggest policymakers favor winding down stimulus earlier than expected, according to the results of CNBC’s latest weekly market survey.
Any policy pause signal from the Fed minutes may send the U.S. dollar higher, pressuring the broader commodities complex, respondents said.
“Although we aren’t expecting a lot from the Fed’s latest round of meeting minutes, we will be looking out for any indications on when QE3 (quantitative easing) may be drawing to a close,” said Chris Tedder, research analyst at FOREX.com. “Also, it will be interesting to see what the Fed’s take on the U.S.’s abysmal Q4 GDP data is.”
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