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USD Recovering Further

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The Federal Reserve could raise interest rates soon, possibly still in April, said Atlanta Federal Reserve President Dennis Lockhart on Monday. Lockhart supported the Federal Reserve‘s decision last week to leave short-term interest rates unchanging given recent financial-market volatility and signs of global weakness.

Existing home sales tumbled 7.1% to an annual rate of 5.08 million units, the lowest level since November. The dollar index (DXY) traded at 95.37, ignoring falling home sales.

EUR declined slightly versus USD, badly affected by the weakness of the Eurozone consumer confidence for the third straight month in March, going against expectations. Euro may re-test $1.12, during today’s trading session.

GBP declined against USD, as Brexit could cost UK 100 billion pounds by 2020 and hitting living standards and growth could also mean a loss of 950k jobs, according to the Confederation of British Industry. The UK economy could deteriorate and suffer a serious shock, CBI Director-General Carolyn Fairbairn said.

GBP traded below $1.4380 versus USD and could decline further in $1.42.

USD pared its losses against JPY and traded at 112; settling above this level is more significant as it could lead the pair to 113.50 levels.

Gold prices declined to settle at $1,240. The yellow metal could trade in sideways and decline to $1,230 this week.

Oil prices rose, positively affected by Opec’s secretary general statement, as he said, “Iran could join other oil producers planning to freeze production to support prices at a later date.” WTI jumped to $41.50 awaiting important data from the industrial sector. The most important economic events:

  • GBP Consumer Price Index (YoY) (FEB): (GMT 11:30) – Important – Forecast (0.4%) – Previous (0.3%).
  • GBP Core Consumer Price Index (YoY) (FEB): (GMT 11:30) – Important – Forecast (1.2%) – Previous (1.2%).
  • EUR German ZEW Survey (Current Situation) (MAR): (GMT 12:00) – Medium – Forecast (54) – Previous (52.3).
  • USD Markit US Manufacturing PMI (MAR P): (GMT 15:45) – Medium – Forecast (51.5) – Previous (51.3).
  • USD House Price Index (MoM) (JAN): (GMT 15:00) – Medium – Forecast (0.5%) – Previous (0.4%).

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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