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Markets are Awaiting Central Banks’ Releases

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Markets were relatively quiet at the beginning of this week; settling down after the sharp fluctuations last week as investors awaited an important meeting from Bank of Japan and the U.S. Federal Reserve, which may submit a new trend.

This week, central banks of Switzerland, Norway, Australia and the Bank of England will issue a number of important decisions related to interest rates.  It is likely that these meetings represent a test of the ability for central banks to manage market expectations successfully.

Euro was not significantly affected by the results of the German elections, in which Chancellor Angela Merkel and her conservatives suffered a great loss. Euro was affected by a rise in the stock market and declined to $1.1080, not far from the highest level in a month $1.1218.

USD/JPY fell to 113.50 after hitting 0.6% on Friday. The greenback rose last week against Yen from 112.25 to 114.45 due to high-risk appetite.

The US dollar index rose to 96.60, which is a good sign for USD. A state of anxiety may dominate the US Federal Reserve, and therefore it will not apply a strict fiscal policy. It is expected that it will use a relatively neutral tone.

Gold fell to $1,234 at the beginning of the week. The yellow metal is awaiting the results of Federal Reserve's meeting this Wednesday.

OPEC expects lower demand for its oil in 2016 than its previous forecast.

WTI declined to $36.66 back from a $37.35 high and we may see further movements around levels of $37 and $35 this week.

 The most important economic events:

  • USD Advance Retail Sales (MoM) (FEB): (GMT 14:30) – Important- Forecast (-0.1%) – Previous (0.2%).
  • USD NAHB Housing Market Index (MAR): (GMT 16:00) – medium - Forecast (59) – Previous (58).
  • EUR Euro-Zone Employment (YoY) (4Q): (GMT 12:00) – medium - Forecast (N/A) – Previous (1.1%).

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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