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Euro Awaits Important Data

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USD
The U.S. dollar rose vs. a basket of major currencies for the third consecutive day as the U.S. final GDP grew at 2.1% pace vs. 2.0% estimate for Q4. In addition, the Greenback rose as well with Trump's economic team studying alternative strategies to penalize China and countries whose currencies are believed to be undervalued.

  • The U.S. Dollar index hit the psychological level of 100 pips and settled at 100.30 pips.

GBP
The Sterling pound hit $1.25 vs. USD after May triggered Article 50. Cable is awaiting the Gross Domestic Product (QoQ) (4Q F); the expecting reading could be 0.7%.

Euro
Euro declined yesterday vs. USD and settled at $1.07 on worries that far-right leader Marine Le Pen could win the upcoming French presidential candidate. The common currency was also affected by the recent talks on future EU relations with Britain. Euro is expecting important releases today, such as the German unemployment rate and the Eurozone inflation. Technically, it could decline further to $1.06 during the next period.

Gold
Gold prices pared its gains yesterday, negatively affected by a strong USD; however, it gained some support due to uncertainty over the EU’s outlook. Technically, the yellow metal could settle above $1,240 and it is unlikely to decline further.

Oil
Oil prices recovered for the third day in a row after Kuwaiti statements bolstered hopes that OPEC and its partners will extend output cut deal. The U.S. crude hit $50 and could settle at such levels during the day.

The most important economic events:

  • EUR Euro-Zone Consumer Price Index Estimate (YoY) (MAR): (GMT 9:00) – Important – Forecast (1.8%) – Previous (2.0%).
  • EUR Euro-Zone Consumer Price Index - Core (YoY) (MAR A): (GMT 9:00) – Important – Forecast (0.8%) – Previous (0.9%).

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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