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Euro Hit One-Week High

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USD

The U.S. dollar fell vs. the euro, negatively affected by upbeat German data and hawkish-sounding comments from a European Central Bank official that reconfirmed bets that the euro zone economy’s outlook is still strong.

  • The U.S. dollar index, which measures the greenback’s strength vs. a trade-weighted basket of six major currencies, fell as much as 0.26% to settle at 93.436 pips.

EUR

The euro rose as much as 0.32% to $1.1777, its highest level in one week, following data showing German industrial output hit its biggest monthly increase in more than six years in August. Industrial output rose as much as 2.6% in August after falling by 0.1% in July.

GBP

The Sterling pound drifted higher on a strong UK data as Manufacturing production went against expectations and rose by 0.4% in August from the month before, compared to anticipations for a 0.2% rise and following a rise of 0.5% the month before.

The Sterling pound recovered yesterday  from a one-month low of 1.3026 as data pointing to rising labor costs added to rate hike anticipations and with the  British Prime Minister Theresa May potentially meeting challenges to her leadership. GBP/USD rose as much as 0.29%, to settle at $1.3180. On the release front, markets are awaiting NIESR Gross Domestic Product Estimate (SEP).

JPY

The JPY edged higher against the dollar with concerns over North Korea that kept traders wary as President Donald Trump’s tweets over the weekend, sparked worries that the president is leaning towards military action against Pyongyang. USD/JPY fell as much as 0.27%, to settle at ¥ 112.38. On the economic calendar for Tuesday, markets are awaiting Machine Orders (YoY) (AUG), while is expected to raise to 0.8% from -7.5%.

Gold

Gold prices rose with physical demand from India during the festival season. Overnight, Gold prices touched new highs backed by a decline in the Greenback as an uptick in geopolitical worries increased demand for safe-haven gold, but growing anticipations that the Federal Reserve will raise rates before the end of the year have capped gains.

Gold Futures - Dec 17 rose as much as 0.45%, to settle at $1,290.78.

Oil

Earlier today, Oil prices drifted higher as U.S. production remained offline following Hurricane Nate and as OPEC said there were clear signs the market was re-balancing. U.S. West Texas Intermediate (WTI) crude futures rose as much as +0.30%, to settle at $49.73, while Brent Oil Futures - Dec 17 (LCOZ7) was up 0.41%, to settle at $ 56.02.

Economic Calendar (all times in GMT)

  • GBP Visible Trade Balance (Pounds) (AUG): (GMT 08:30) – Medium- Forecast (-£11,200) – Previous (-£11,576).
  • GBP Trade Balance Non EU (Pounds) (AUG): (GsMT 08:30) – Medium- Forecast (-£3,600) – Previous (-£3,842).
  • JPY Machine Orders (YoY) (AUG): (GMT 23:50) – Medium- Forecast (0.8%) – Previous –(7.5%).

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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