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Dollar Declines amid U.S. Economic Uncertainty

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USD
On Wednesday, the Greenback fell to a four-day in a row against a basket of major currencies and struggled near a four-month low vs. the yen, as investors worried that Trump's plan to cut taxes and boost the economy could take too much time. In addition, U.S. existing home sales fell as much as 3.7% to a seasonally adjusted annual rate of 5.48 million units in February.

  • The U.S. dollar index fell to 99.32 pips before paring its losses and settling at 99.45 pips.

JPY
The Greenback declined yesterday vs. JPY and settled at ¥111, on worries over Donald Trump's economic policies, which criticized by European Central Bank (ECB) as it may lead to trade budget deficit.

Gold
Gold hits $1,250 before paring its gains and settle at $1,245. Technically, the precious metal could re-test levels of $1,241 in anticipation of Yellen’s speech today.

EUR
Euro failed to settle above $1.08 vs. USD, refusing to take advantage of a weak US dollar. Elsewhere, Greece said yesterday it hopes for a deal with its international lenders within the month of April and is working to bridge differences on labor, pension and energy reforms.

Oil
Oil prices slipped yesterday and settled below its lowest level since last February as data showed U.S. crude inventories increasing faster than expected, putting pressure on the Organization of the Petroleum Exporting Countries to extend output cuts deal beyond June. U.S. crude pared its losses and settled yesterday at $48.

The most important economic events:

  • USD Fed's Yellen Speaks at Community Development Conference: (GMT 12:00) – 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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