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USD Recovers and Markets Await Draghi Speech

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USD

The Greenback recovered vs. a basket of currencies as US GDP growth revised up to 1.2% in Q1 from 0.9%.

  • The dollar index (DXY), which measures the greenback against a basket of currencies, boosted late on Friday and settled at 97.30 pips.

Gold

Despite a strong U.S. data, the precious metal hit $1.260 and settled at $1.266, due to concerns surrounding the White House after reports showed Jared Kushner, the senior president  adviser with his son-in-law discussed with the Russian ambassador the possibility of creating a secret communication line between Donald Trump's transition team and Moscow. Technically, the precious metal could hit new highs due to May bank holiday.

GBP

The Sterling pound declined sharply late on Friday and settled at $1.28, as pre-election polls show a narrowing gap between PM May's Conservative party and the Labour party. Tactically, Cable could trade under pressure and decline further to $1.25 vs. USD, in anticipation of the upcoming UK election.

Euro

Euro pared its gains at the end of last week’s trading session, in anticipation of important releases this week, such as USD Consumer Confidence, USD ISM Manufacturing and U.S.  Non-farm Payrolls. Meanwhile, European Central Bank (ECB) President Mario Draghi, is expected to speak later today, testifying to the European Parliament in Brussels.

Oil

Oil prices recovered at the end of last week’s trading session, after tumbling nearly 5% on disappointment in OPEC's production agreement.

The most important economic events:

  • EUR Draghi Speaks at European Parliament Economic Committee: (GMT 13:00) – 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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