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U.S. Dollar Index Hits 100 Pips

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On Monday, the Greenback jumped to an 11-month high vs. a basket of major currencies, in step with a rise in U.S. bond yields as investors bet fiscal and trade policies under a Donald Trump administration would increase the inflation. The U.S. dollar index settled above 100 pips for the first time in a year.

Also on Monday, Japan's economic unexpectedly rose in the third quarter. USD jumped to the key resistance of ¥108 vs. JPY and could break ¥110. Technically, the pair is unlikely to touch new highs during the week.

Gold fell to $1,211 yesterday and found some support from the levels that make up the 50% point of the last high wave, which gold touched last year. Technically, the yellow metal could be recovered once again affected by such level.

GBP fell as much as 1% vs. USD, negatively affected by a strong USD, which supported by the rise of the interest rates on short-term Treasury bills.

Cable traded below $1.25 and could extend its losses with a tendency to stability as the greenback may decline.

On Monday, Oil prices settled near its lowest level in 3-month affected by global supply overflow and low oil prices.

The most important economic events:

  • EUR Italian Gross Domestic Product s.a. and w.d.a. (YoY) (3Q P): (GMT: 11:00) – Important – Previous (0.8%)
  • GBP Consumer Price Index (YoY) (OCT): (GMT 11:30) – Important – Forecast (1.1%) – Previous (1.0%).
  • GBP Core Consumer Price Index (YoY) (OCT): (GMT 11:30) – Important – Forecast (1.4%) – Previous (1.5%)
  • EUR German ZEW Survey (Economic Sentiment) (NOV): (GMT 12:00) – Important – Forecast (N/A) – Previous (6.2)
  • EUR Euro-Zone Gross Domestic Product s.a. (YoY) (3Q P): (GMT 12:00) – Important – Forecast (N/A) – Previous (1.6%)
  • USD Advance Retail Sales (OCT): (GMT 12:00) – 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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