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Financial Markets Await a Busy Week

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Despite the recovery of the U.S. economic growth during Q3, the U.S. dollar failed to maintain its earlier gains vs. a basket of currencies. The FBI could reopen its investigation into Hillary Clinton's private email server and the effect of this is still unknown.

The U.S. dollar index fell as much as 60 pips at the end of last week’s trading session to settle at 98.30.

On Friday, gold prices rose as much as 1%, to touch its highest level in four weeks and closed at the 200-day moving average of $1,272.

Markets are awaiting an important release from the U.S., which are the FOMC Minutes, unemployment rate and Nonfarm payroll. Technically, the precious metal could trade widely between $1,290 and $1,240 during the week.

On Friday, Northern Ireland's High Court rejected an attempt to block Britain's exit from the European Union, saying that neither the province's parliament nor its laws could override a decision by the British government. GBP failed to settle above $1.22 vs. USD.

Euro recovered at the end of last week’s trading session as German inflation rose more than expected in October, touching its highest level in two years. Markets are awaiting an important data from the Eurozone. Technically, a lower than expected reading could have an adverse effect on the single currency and could decline further to $1.0860. On Friday, oil prices fell to the $50 mark it's biggest weekly loss in six weeks, on worries about OPEC’s ability to coordinate a production cut, even as data showed U.S. oil drillers cut rigs this week for the first time since last June.

The most important economic events:

  • EUR Euro-Zone Consumer Price Index Estimate (YoY) (OCT): (GMT 12:00) – Important – Forecast (0.5%) – Previous (0.4%).
  • EUR Euro-Zone Consumer Price Index - Core (YoY) (OCT A): (GMT 12:00) – Important – Forecast (0.8%) – Previous (0.8%).
  • EUR Euro-Zone Gross Domestic Product s.a. (YoY) (3Q A): (GMT 12:00) – Important – Forecast (1.6%) – Previous (1.6%).

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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