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U.S. dollar settled yesterday after touching new highs as U.S. private employers’ added 177k jobs in August. The U.S. dollar index settled at 96 pips.

Gold touched the psychological barrier of $1,300, as the U.S. dollar surged. From a technical point of view, the precious metal could re-test levels of $1,300 in anticipation of U.S. non-farm payroll data.

U.S. dollar spiked higher vs. Japanese Yen and touched ¥103.50. Technically, the pair could break ¥10.350 and touch ¥105 during the next period, if everything goes well with the U.S. non-farm payroll data.

On Wednesday, GBP pared its losses vs. USD and settled at $1.31. Technically, cable could touch $1.30 by the beginning of the next week.

Euro settled at $1.1150 vs. USD as the Euro-Zone Consumer Price Index unexpectedly fell by 0.2%, unlike expectations that pointed to a rise of 0.3%.

Oil price declined yesterday after weekly inventory data showed that U.S. stockpiles of crude oil rose to a record high. The U.S. Energy Information Administration said that U.S. crude oil stockpiles rose by 2.3 million barrels in the week ending 26th Aug. U.S. crude decline to $45 and could decline further by the end of the week.

The most important economic events:

  • USD ISM Manufacturing (AUG): (GMT 16:00) – Important – Forecast (52.0) – Previous (52.6).
  • USD ISM Prices Paid (AUG): (GMT 16:00) – important – Forecast (54.8) – Previous (55)
  • USD Construction Spending (MoM) (JUL): (GMT 16:00) – important – Forecast (0.5%) – Previous (-0.6%)

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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