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Euro Hit 14-Month High

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USD

On Thursday, the U.S. dollar fell sharply vs. a basket of major currencies as voting on the U.S. healthcare bill was delayed, supporting uncertainties about the Trump’s ability to enact policy changes. Meanwhile, the Commerce Department said in its final assessment that the Gross domestic product increased at a 1.4% annual rate instead of the 1.2% reported last month.

However, the U.S. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose as much as 1.1%, the weakest reading since the second quarter of 2013.

  • The U.S. dollar index (DXY), which measures the Greenback against a basket of currencies, fell sharply to 95.30 pips, the lowest level since September 2016.

EUR

The Single currency edged up to a 14-month high, settling  to $1.1430, boosted by hawkish comments by ECB Chief Mario Draghi as he said the recovery was broad. Markets are awaiting important releases from Euro-zone, which are German Unemployment Rate, Euro-Zone Consumer Price Index and the U.S. Personal Consumption Expenditure Core.

Gold

Gold managed to pare its gains as the U.S. economy slowed less sharply in the first quarter than initially expected. The yellow metal settled at $1,245, in anticipation of important releases, which will be released by today. 

Oil

Also on Thursday, oil prices failed to settle above $45.

The most important economic events:

  • USD Personal Consumption Expenditure Core (YoY) (MAY): (GMT 12:30) – Important – Forecast (1.4%) – Previous (1.5%).
  • USD U. of Mich. 5-10 Yr Inflation (JUN F): (GMT 12:30) – Important – Forecast (N/A) – Previous (2.6%).

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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