The Greenback settled during yesterday’s trading session vs. a basket of major currencies due to a lack of the U.S. economic data and as traders are anticipating the Fed. to raise interest rates this month. However, USD was affected by Peter Navarro’s statement, director of the newly-established White House National Trade Council, as he said the $65 billion U.S. trade deficit with Germany was "one of the most difficult" trade issues, and bilateral discussions were needed to reduce it outside of European Union restrictions.
Gold extended its gains and settled at $1,215 during yesterday’s trading session, as the Federal Reserve is likely to announce an interest-rate hike at its meeting later this month and amid an important data from the US. In addition, the yellow metal is awaiting the upcoming Non-Farm payroll figures, as a higher than expected reading should be taken as for bearish the yellow metal, while a lower than expected reading should be taken as bullish for the yellow metal.
Euro settled yesterday as the Euro-zone economy was confirmed at a 0.4% in Q4 of 2016, boosted by a healthy rise in consumer spending and investment.
Oil prices slightly changed yesterday as growing U.S. oil production expectations offset earlier gains. U.S. crude oil still trading sideways as investors are awaiting the U.S. crude oil inventories.
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.