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Dollar Declines to Lowest Level since November

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USD
The Greenback slipped yesterday to its lowest level vs. a basket of major currencies since US President Donald Trump won the election, among several concerns on Trump's ability to rely on a splintered Republican Party to follow through on promises of business deregulation and tax reform plan.

  • The U.S. dollar index, which measures the Greenback’s strength vs. a trade-weighted basket of six major currencies, fell to 98.65 pips, before paring its losses and settle at 99 pips.

JPY
The Greenback declined vs. JPY and re-tested the key psychological of ¥110.10, before recovering to ¥110.50. Technically, the pair could trade in a limited range due to the lack of U.S. economic data.

EUR
Euro edged higher yesterday and settled above $1.09 vs. USD after Sabine Lautenschläger, member of the ECB's executive board, said the European Central Bank (ECB) should be ready to change its monetary policy as inflation data start to meet targets. In addition, the common currency rose as Germany Ifo business climate index went against expectations and improved to the highest level since June 2011. Technically, it could touch new highs vs. USD during the next period.

Gold
Gold prices extended its gains yesterday, boosted by weak USD. The yellow metal re-test $1,260 before paring its losses to settle at $1,265. Technically, the precious metal could hit $1,270 during the next period.

Oil
Oil prices continued to decline due to ample inventories and rising US output and amid uncertainty over whether an OPEC-led production cut deal will be extended by six months in an effort to counter a glut of crude. U.S. crude oil traded below $48, in anticipation of the U.S. inventories data.

The most important economic events:

  • USD Advance Goods Trade Balance (FEB): (GMT 12:30) – Important – Forecast (-$66.6b) – Previous (-$69.2b).
  • USD Fed Chair Janet Yellen Speaks: (GMT 16:50) – 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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