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Greenback Trades under Pressure

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USD
The U.S. dollar fell yesterday vs. a basket of major currencies on worries over Donald Trump's economic policies as the tax plan could lead to a collapse of the Greenback. In addition, the U.S. dollar was affected by the Federal Reserve's decision and settled at a seven-week low vs. a basket of currencies.

  • The U.S. dollar index declined yesterday to 99.50 pips, the lowest level since last February.

Gold
Gold boosted yesterday and settled at $1,245 on soft USD.  The precious metal could maintain its gains and hit $1,240 by the end of the week. 

EUR

Euro traded above $1.08 vs. USD after French Election Debate between far rightist Marine Le Pen and centrist Emmanuel Macron as Macron is expected to win in the second-round vote in May. Technically, the common currency could maintain its gains during the day.

GBP
The Sterling pound back to gain and settled above $1.25, as the UK inflation rose to 2.3% in February, the highest since September 2013. Cable could trade in a wide-range during the next period as The Bank of England may increase interest rates to control inflation.

Oil
Despite an OPEC-led effort to reduce output, U.S. crude fell as much as 1%, to settle at $48, in anticipation of U.S. inventories data, which will be released later on today.

The most important economic events:

  • USD House Price Index (MoM) (JAN): (GMT 13:00) – Medium – Forecast (0.4%) – Previous (0.4%).
  • NZD Reserve Bank of New Zealand Rate Decision (MAR 23): GMT 20:00) – Important – Forecast (1.75%) – Previous (1.75%).

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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