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The US Dollar Trades Under Pressure

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USD

On Friday, the Greenback was settled near four-month lows vs. a basket of major currencies, as Thursday's downbeat U.S. economic reports still weighed in. Data on Thursday showed that the U.S. producer prices fell for the first time in nearly 1-1/2 years in December. On the release front, traders are awaiting the U.S. Consumer Price Index, which is expected to hit 2.1% from 2.2%.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.55% at 91.16 pips.

EUR

The Single currency settled high after the ECB signaled that it may be gearing up to trim its massive monetary stimulus. The common currency rose by 0.72% vs. the Greenback, to settle at 1.2119.

GBP

The Sterling pound rose by 0.50%, to settle at $1.3606. No major reports are due from the UK today.

JPY

Earlier today, Japan's economy minister suggested that the government could declare an end to deflation before consumer prices reach the BOJ's 2% inflation target. Against the JPY, the USD fell by 0.15%, to settle at ¥111.10.

Gold

Earlier today, Gold prices settled at four-month highs, as sentiment on the U.S. dollar remained weak following soft U.S. data released yesterday. Gold Futures - Feb 18 (GCG8), fell as much as 0.55%, to settle at $ 1,329.70.

Oil

Oil prices failed to manage its gains and slipped away from December-2014 highs touched yesterday. Crude Oil WTI Futures - Feb 18 (CLG8) fell as much as 0.56% as $63.44 and Brent Oil Futures - Mar 18 (LCOH8) was up by 0.17% at $69.14.

The most important economic events:

  • USD Consumer Price Index (YoY) (DEC): (GMT 13:30) – Important – Forecast (2.1%) – Previous (2.2%).
  • USD Consumer Price Index Ex Food and Energy (YoY) (DEC): (GMT 13:30) – Important - Forecast (1.7%) – Previous (1.7%).
  • USD Retail Sales Advance (MoM) (DEC): (GMT 13:30) – Important - Forecast (0.5%) – Previous (0.8%)

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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