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Markets are Awaiting Important Data

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U.S. dollar declined slightly at the end of last week’s trading session, as U.S. retail sales were surprisingly flat in July.

While U.S. producer prices unexpectedly fell in July for the first time since last March and the largest since September 2015. Such data could have a negative impact over the acceleration of the U.S. economic growth in the third quarter

The U.S. dollar index declined to 95.68.

On Friday, the Pound hit a three-year low vs. euro and a one-month trough against USD, on expectations that soft economic data could lead the BoE to ease monetary policy again in the coming months. Cable settled below $1.30 and could decline further to $1.27 during the course of the week.

USD fell to ¥101 vs. JPY negatively affected by poor U.S. data. The pair is awaiting important data later on today, which may move the pair to touch ¥102, if everything goes well with U.S. manufacturing data.

Gold fell slightly at last week’s trading session and traded at $1,330, as USD pared its losses.

The precious metal is awaiting U.S. manufacturing data later today; traders should watch this closely.

On Friday, Oil prices surged by 2%, the biggest increase since April. U.S. Crude oil traded below $45, on Saudi Energy Minister Comments and could re-test such levels during the course of the day.

Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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