The potential for U.S. tariffs being imposed against the European Union and after two attacks on Saudi processing plants on Saturday. The EUR/USD opened the week close to last Friday’s value, at 1.1074. In the Asian trading hours, the pair reached a high of 1.1086. 

Both the Euro and the U.S. dollar are under pressure after the European session and the problems raised in the middle east respectively. After the attacks, oil prices jumped by almost 20%. Traders are keeping an eye on the FOMC meeting on Wednesday that will confirm another 25 bps ‘insurance rate cut.’ Currently the EUR/USD is retreating 0.02% at 1.1069. 

As the British Prime Minister Boris Johnson is set to hold talks with EC Commission President Juncker in relation to the UK’s exit from the EU, the GBP/USD is being traded under the 1.2500 handle. The Cable opened at 1.2502 and was last traded at 1.2469. The British pound received a boosting after claims that the EU was going to hand approve an extension on the Brexit deadline. An EU diplomat was reported saying that ‘the best meeting since the negotiations with Frost started but not yet the beginning of a solution.’