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U.S Dollar Rises Again

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It is important to start today's report with this quotation, “The Fed should hike rates again if the second-quarter data confirms the U.S. labor market is near full strength and inflation is on track to accelerate”, made by Boston Fed President Eric Rosengren yesterday.

Euro failed to settle above $1.14 and fell to $1.1370. From a technical point of view, the fiber could decline further to $1.1350 by the end of the day.

On Thursday, the BOE said, “the economy would slow sharply, the pound fall, raise prices and could even fall into recession, if Britain voted to leave the EU.” The GBP traded yesterday at $1.45 and could decline below such levels by the end of the day.

USD surged again vs. JPY and settled at 109 levels, despite U.S unemployment claims rising to its highest in more than one year. U.S. jobless data may raise concerns about the strength of the labor market after a slowdown in employment growth in April. EUR/USD could settle during the course of the day, while such stability is a positive step for a further rise next week.

Gold prices declined as U.S. import prices rose in April for the second month in a row as the cost of petroleum products and a group of other goods increased; suggesting inflation could start firming during the coming months. The yellow metal was affected by such data and declined to resistance levels of $1,267. From a technical point of view, breaking such levels could open the door for further declines to $1,240 but this scenario is unlikely now.

Oil prices surged for a third day in a row on unexpected declines in U.S. crude inventories. WTI jumped to $47 and could re-test such level during the course of the day. 

The most important economic events:

  • EUR Euro-Zone Gross Domestic Product s.a. (YoY) (1Q P): (GMT 11:00) – Important – Forecast (1.6%) – Previous (1.6%).
  • USD Advance Retail Sales (APR): (GMT 14:30) – Important – Forecast (0.8%) – Previous (-0.4%).
  • USD U. of Michigan Confidence (MAY P): (GMT 16:00)– Important – Forecast (89.5) – Previous (89.0)

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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