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Dollar Stands Tall

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On Thursday, dollar rose for a 5th straight day against a basket of major currencies, as traders priced in the probability of two US interest rate hikes this year from the Federal Reserve. Another US interest rate rise “could not be far off” St Louis Fed president James Bullard said.

USD index rose to its highest level in eight days, the index, which measures the buck against a basket of currencies, rose on Thursday to 96.364. USD has risen by 1.3% since the beginning of the week. 

EUR/USD declined to 1.1144, having fallen by 0.9% and touched the lowest level in a week. European financial markets will be closed on Good Friday; the market could be affected by low liquidity. 

GBP recovered slightly as U.K. retail sales fell by 0.4% on the month, despite the pound outlook for the coming period remains negative as it could decline to $1.40. 

USD/JPY declined once again, as US durable goods orders fell by 2.8% in February. The greenback failed to break barriers of 113 and traded at the resistance levels of 112.60.  

Gold settled at $1,220 and could decline further to a psychological barrier of $1,200.  US data showed that crude oil inventories rose by 9.4 million barrels last week, such data gave traders reason to believe that the supply in the financial markets is still very large and more than required.

WTI fell below $40 and settled at $39.50. Closing below $40 could be a negative signal at the end of the week and could push oil for further declines next week. 

The most important economic events:

  • JPY National Consumer Price Index (YoY) (FEB): (GMT 01:30) Important Actual (0.3%) - Forecast (0.3%) Previous (0.0%).
  • EUR French Gross Domestic Product (YoY) (4Q F): (GMT 09:45) Medium - Forecast (1.4%) Previous (1.4%).
  • USD Gross Domestic Product (Annualized) (4Q T): (GMT 14:30) Medium - Forecast (1.0%) Previous (1.0%).
  • USD Personal Consumption (4Q T): (GMT 14:30) Medium - Forecast (2.0%) Previous (2.0%).
  • USD Gross Domestic Product Price Index (4Q T): (GMT 14:30) Medium - Forecast (0.9%) Previous (0.9%).

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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