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All Eyes Turn to Federal Reserve's Semiannual Report

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USD
The Greenback rose vs. a basket of major currencies after Federal Reserve Chair Janet Yellen told congress that a March interest rate hike is at least on the table and waiting too long to raise interest rates would be "unwise" as economic growth continues and inflation rises.  Markets are eagerly awaiting the Federal Reserve's semiannual report, which will be released later on today. 

The U.S. dollar index hit 101.60 before settling at 101.40.

Gold
Gold recovered yesterday as Federal Reserve chair Janet Yellen signaled that the next rate hike could come during the next month and as US Manufacturing PMI unexpectedly declined.

EUR
Euro fell to 1.0550 vs. USD, after another opinion poll showing far-right French presidential candidate Marine Le Pen gaining ground on her rivals. In addition, the common currency declined amid concerns over the Greece crisis. Technically, Euro could trade under pressure during the next period, due to fears over Greece's debt negotiations and EU’s political outlook.

Oil
Oil prices rose as high as 2% after hitting three-week highs, as OPEC signaled optimism over its supply-cut deal. In this regard, OPEC secretary general said that data showed conformity from member countries participating in the output cut had been above 90 percent. He also said, “oil inventories would decline further this year.” In addition, U.S. crude settled at $54.50.

The most important economic events:

  • GBP Gross Domestic Product (YoY) (4Q P): (GMT 9:30) – important – Forecast (2.2%) – Previous (2.2%).
  • EUR Euro-Zone Consumer Price Index (MoM) (JAN): (GMT 9:30) – important – Forecast (-0.8%) – Previous (0.5%).
  • USD FOMC Meeting Minutes (FEB 01): (GMT 21:00) – Important

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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