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Yellen Topples the U.S. Dollar

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Starting today’s report with an important quote “It is appropriate for U.S. central bankers to proceed cautiously in raising interest rates because the global economy presents heightened risks.” U.S. Fed Chair Janet Yellen said to the Economic Club of New York. She continued to say: “I consider it appropriate for the committee to proceed cautiously in adjusting policy,” and persisted saying,  “This caution is especially warranted because, with the federal funds rate so low, the FOMC’s ability to use conventional monetary policy to respond to economic disturbances is asymmetric.”

The USD index declined by 1% against a basket of currencies to settle at 95.14.

EUR/USD rose to $1.13, positively affected by Yellen’s comments, but the single currency failed to settle above that level.  The pair could trade within the two ranges of $1.13 and $1.12.

GBP pared its losses against USD to trade above $1.44, thanks to Yellen’s comments, although the bank of England warned that Britain's EU referendum could send the pound slumping further.

USD/JPY failed to settle above 113.5 levels, after Yellen said that the caution in raising interest rates was especially warranted. These comments could lead the greenback to 110 levels.

Gold prices jumped higher, thanks to the “very dovish” remarks from Fed Chair. The yellow metal traded at $1,242, the highest level in a week. The precious metal could continue to rise until the release of U.S. job data later this week.

Oil prices fell yesterday, in light of the continued decline in oil prices since last week after its highest level in 3 months. This comes despite the low levels for the USD. Oil is awaiting U.S. inventory data releases; traders should watch this closely as good data could lead U.S crude oil to $38.30.

The most important economic events:

  • EUR German Consumer Price Index (YoY) (MAR P): (GMT 14:00) – Important – Forecast (0.1%) – Previous (0.0%).
  • USD ADP Employment Change (MAR): (GMT 14:15) – Medium – Forecast (195k) – Previous (214k).
  • USD DOE U.S. Crude Oil Inventories (MAR 25): (GMT 16:30) – Medium – Forecast (3000k) – Previous (9357k).

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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