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The Greenback Trades under Pressure

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USD

On Friday, the Greenback settled vs. a basket of major currencies amid worries over the U.S. tax plan delay.  Data on Thursday showed that the U.S. initial jobless claims increased 10k to a seasonally adjusted 239k for the week ended Nov. 4, above forecasts of a 2k increase to 232k. 

On the release front, markets are awaiting The University of Michigan’s consumer sentiment index, which is to show a reading of 100.7 for November, unchanged from October.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose as much as 0.04% at 94.485 pips.

EUR

The single currency was down slightly on the day at $ 1.1647, 0.4% down. No reports are due from the Euro-zone today.

GBP

The Sterling pound rose by 0.12% vs. the Greenback with GBP/USD $1.3132. On the economic calendar for Friday, markets are awaiting The UK’s trade balance, which measures the difference in value between imported and exported goods and services.

Gold

Gold declined but remained well backed due to recent tensions in the Middle East and await a summit in Vietnam among Asia-Pacific nations. Gold Futures - Dec 17 (GCZ7) fell as much as 0.13% to settle at $1,285.79.

Oil

Earlier today, Oil prices settled, backed by ongoing supply cuts led by Russia and OPEC as well as by strong demand, although the prospect of rising U.S. shale output capped prices around current profits. Crude Oil WTI Futures - Dec 17 (CLZ7) fell as much as 0.26%, to settle at $57.03 and Brent Oil Futures - Jan 18 (LCOF8) was down by 0.2% at $ 63.80.

Economic Calendar (all times in GMT)

  • GBP Visible Trade Balance (Pounds) (SEP): (GMT 09:30) – Medium – Forecast (-£12,800) – Previous (-£14,245).
  • USD U. of Mich. Sentiment (NOV P): (GMT 15:00) – Important – Forecast (100.9) – Previous (100.7).

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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