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USD Stands Tall

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USD gained little vs. a basket of currencies after NY Fed President William Dudley said on Thursday, that the U.S. economy could be strong enough to warrant an interest rate hike in June or July. On the other hand, the greenback, declined vs. Japanese yen amid risk-aversion. USD index rose by 1% and settled at 95.30.

EURO settled at $1.12 negatively affected by strong USD, statement of William Dudley and fears surrounding the euro-zone.

GBP rose once again and touched $1.46 as UK retail sales volumes rose strongly in April. It is a positive mark for the cable to close above $1.46 but the 23 June referendum makes the outlook unclear.

On Thursday, USD gave up its gains and levels of 110 vs. JPY, negatively affected by William Dudley’s statement about interest rate hikes. On the other hand, JPY gained little and touched levels of 109.50 and could touch 109 levels.

U.S. unemployment claims declined sharply last week, sign layoffs are stabilizing after touching a 14-month high.

Gold fell yesterday to settle at its lowest level in about three weeks as signs that Fed could hike interest rate in June.

Gold prices dropped to $1,243 before returning to $1,253, negatively affected by Fed minutes and William Dudley’s statement. From a technical point of view, closing below $1,250 is a negative sign and traders should pay attention to the support level of $1,267.

Oil Prices surged again and WTI traded at $48.75. Texas Tea could touch $49 before the end of the week.

The most important economic events:

  • CAD Consumer Price Index (YoY) (APR): (GMT 14:30) Important – Forecast (1.7%) – Previous (1.3%).
  • CAD Bank Canada Consumer Price Index Core (YoY) (APR): Important – Forecast (2.0%) – Previous (2.1%)
  • USD Existing Home Sales (MoM) (APR): Medium – Forecast (1.3%) – Previous (5.1%)

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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