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Dollar Recovers and Markets await U.S. Retail Sales

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USD

On Wednesday, the Greenback inched higher vs. a basket of major currencies, but gains were limited by weak inflation data and worries over political instability after the sudden ousting of the U.S. Secretary of State Rex Tillerson. The U.S. dollar traded under pressure after the Labor Department reported yesterday that U.S. consumer price inflation increased at a modest pace in February, suggesting that the U.S. Federal Reserve is likely to stick to a gradual pace of rate rises this year. On the release front, traders are awaiting the U.S. Retail Sales Advance for February, which is expected to hit 0.3% from -0.3%. Elsewhere, market players are also awaiting Gross Domestic Product of New Zealand, which is expected to hit 3.1% from 2.7%.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up by 0.12% at 89.81.

EUR

The single currencies fell by 0.15%, to settle at $1.2372. No major reports are due from the Euro-zone today.

JPY

Against the JPY, the USD fell slightly by 0.02%, to settle at ¥106.56. On the release front, traders are awaiting Japan Buying Foreign Stocks.

Gold

Earlier today, Gold prices settled near one-week highs before retreating again. The yellow metal edged up slightly as traders remained worries after U.S. President Donald Trump fired Secretary of State Rex Tillerson, replacing him with Central Intelligence Agency Director Mike Pompeo.  Additionally, market players also remained cautious after the U.S. President Donald Trump announced plans to impose new tariffs on up to $60 billion of Chinese imports. Gold Futures - Apr 18 (GCJ8), fell slightly by 0.09%, to settle at $1,325.90.

Oil

Early on Wednesday, Oil prices recovered slightly after two days of decline as China’s industrial output increased by 7.2% in the first two months of the year compared with the same period last year, suggesting that China's oil demand is expected to rise. However, oil markets still relatively weak, as oil prices have not returned to their January highs of $67 per barrel for WTI and $70 for Brent. Crude Oil WTI Futures - Crude Oil WTI Futures - Apr 18 (CLJ8) rose as much as 0.25%, to settle at $ 60.84, and Brent Oil Futures - May 18 (LCOK8) was up by 0.05% at $64.67.

The most important economic events:

  • USD Retail Sales Advance (MoM) (Feb): (GMT 12:30) – Important – Forecast (0.3%) – Previous (-0.3%).
  • NZD Gross Domestic Product (YoY) (4Q): (GMT 21:45) – Important – Forecast (3.1%) – Previous (2.7%).

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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