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Euro Hits a 3-Month Low

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On Thursday, the European Central Bank kept interest rates on hold, as was widely expected, and maintained the key parameters of its 1.74 trillion euro assets-buying scheme as it tries to lift inflation and growth.

The euro zone economy should continue to improve slowly, but the risks prevail, meaning performance is more likely to be negative, European Central Bank President Mario Draghi said yesterday. Draghi also said it was mainly economic events outside the euro zone that would affect the economy. The single currency settled at $1.0960, negatively affected by such statements.

The U.S. dollar index hit a 10-month high and could touch new highs during the coming period due to the growing expectations of higher interest rates.

Gold declined to a 200-day moving average and could settle at $1,270 by the end of the week.

The Sterling pound fell to $1,250 vs. USD but it could not decline below the psychological of $1.22.

U.S. crude pared its gains yesterday and settled at $50.50 negatively affected by a strong USD. Technically, it could trade at support levels of $50 during the day.

The most important economic events:

  • CAD Consumer Price Index (YoY) (SEP): (GMT 14:30) – Important – Forecast (1.4%) – Previous (1.1%).
  • CAD Bank Canada Consumer Price Index Core (YoY) (SEP): (GMT 14:30) – Important – Forecast (1.8%) – Previous (1.8%).
  • EUR Euro-Zone Consumer Confidence (OCT A): (GMT 16:00) – Medium – Forecast (-8) – Previous (-8.2)
  • USD Baker Hughes U.S. Rig Count (OCT 21): (GMT 19:00) Medium

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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