US stocks recovered slightly ahead of the second quarter earnings season in the U.S. USD index declined by 50.2% to settle below 94 pip.
European markets closed higher yesterday as a recovery in oil prices and a rally in banks boosted investor sentiment. Euro was slightly affected by European markets and settled at $1.14 vs. USD.
GBP traded higher yesterday and jumped by 1% against USD and EUR, positively affected by the improvement in the equity markets. The pair is awaiting today's inflation report issued by the BOE, which is likely to push the pound to decline. GBP/USD settled at $1.4250.
USD/JPY was hovering near 108, the lowest level in 18 months against the yen, as Japanese officials again warned that they could intervene in the market to weaken the Yen. The greenback could extend its losses against JPY and decline to 107 and 105 levels
Gold prices rose to $1,260, ignoring all the gains made by the European and U.S markets. The precious metal could rally to $1,300.
Oil prices fluctuated during yesterday’s trading session, ahead of major oil producers’ meeting in Qatar. WTI jumped to $40 and could move further during the course of the week.
The most important economic events:
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.