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Markets Await Yellen’s Speech

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USD

The Greenback rose at last week’s trading session, ignoring disappointing data from the U.S. and the geopolitical tension in the Middle East. The U.S. dollar rose last week, however, Job growth has slowed sharply in the US, with just 98k jobs added in March. The unemployment rate fell to 4.5% vs. 4.7%.

USD will be strongly supported afterWilliam C. Dudley, President of the Federal Reserve Bank of New York was quoted saying  that the Federal Reserve might be avoiding in the future raising interest rates at the same time that it begins the process of shrinking its $4.5 trillion bond portfolio, prompting only a "little pause" in the central bank's rate hike plans. Meanwhile,the Greenback is awaiting Yellen’s Speech, which will be held later on today.

  • The U.S. dollar index (DXY) rose to 101 pips last week.

Gold

Gold prices pared its Friday’s gains, after touching its highest levels in five months. The yellow metal settled at $1,254 in anticipation of important data releases. The precious metal could trade widely during the next period due to geopolitical tension in the Middle East and The French election.

GBP

The Sterling pound declined further after Britain's industrial production, which accounts for 15% of the UK economy, declined by 0.7% in February. Technically, Cable could trade under pressure and re-test $1.24 levels during the day. 

Oil

Oil prices recovered due to uncertainty over the Syrian conflict as the United States fired 59 Tomahawk cruise missiles at Syria. Technically, Oil prices could hit new highs during the week due Uncertainty spread across the Middle East.

The most important economic events:

  • USD Fed's Yellen Speaks at University of Michigan: (GMT 20:00) – 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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