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USD Declined as US Housing Market Fell in March

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USD declined in response to disappointing data from the US housing market. US housing market fell in March and new applications for building permits declined to its lowest level in a year, suggesting a decline in the housing sector in line with signs of a sharp slowdown in economic growth in the first quarter. USD index fell by 40 points to touch the critical support level of 94.  

Despite the rise in the GBP, cable failed to settle above $1.44, negatively affected by Mark Carney’s statement as he said, “Leaving EU could lead to 'less growth'.”

The pound is still being influenced by the “Brexit” campaign and support for Britain to stay in the EU has risen 2% points to 53% according to an earlier ORB poll published on 5th April. Such results could push the pound to $1.45. On the other hand, the pound eagerly awaits an important release later on today, the Jobless Claims Change announcement.

Euro recovered slightly against USD as German economic sentiment improved in April According to the ZEW Survey.  The fiber traded at $1.14 and could re-test the same level during the course of the day.

Yesterday, Yen declined less against a basket of currencies and settled at 109 vs. USD.

Gold extended its gains to $1,250, thanks to a soft USD and Fed members’ comments on a possible rate hike. The yellow metal could settle at around $1,250 and retest $1,267 as well.

Oil prices continue to recover from big declines as a strike in Kuwait cuts supply. Such increases in prices will be limited as Kuwait intends to increase its oil production soon. WTI settled at $41 yesterday, thanks to the oil strike.

The most important economic events:

  • GBP Jobless Claims Change (MAR): (GMT 10:30) – Important – Forecast (-10.0k) – Previous (-18.0k) 
  • USD Existing Home Sales (MoM) (MAR) (GMT 16:00) – Important – Forecast (3.5%) – Previous (-7.1%)
  • CHF ZEW Survey (Expectations) (APR): (GMT 11:00) – Medium – Forecast (N/A) – Previous (2.5) 
  • USD DOE U.S. Crude Oil Inventories (APR 15): (GMT 16:00) – Important – Forecast (N/A) – Previous (6634k)

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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