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Euro Hits One-Year High

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EUR

On Wednesday, the single currencies edged up to a one-year high against the Greenback especially after the ECB chief Mario Draghi comments made last Tuesday that were seen as hawkish.

 The common currency jumped to $1.440 vs. USD before declining to $1.385, after Draghi pointed out that the markets misunderstood his last statement.

USD

The U.S. dollar declined yesterday vs. a basket of major currencies after the U.S. Senate delayed a healthcare legislation vote initially expected this week.

  • The U.S. dollar index (DXY), which measures the Greenback against a basket of currencies, fell sharply to 95.70.

Gold

The Yellow metal failed to manage its gains and settled at $1,250, in anticipation of the GDP data from the U.S. for the first quarter of 2017, which could expand by 1.2%.

GBP

The Sterling pound rose as much as 1% to hit its highest levels in three weeks vs. USD, after the chief central banker acknowledged the case for higher rates that appeared to be growing. Cable settled at $1.2960 vs. USD, the highest level since the day of the general election.

Oil

Also on Wednesday, Oil prices edged up for the fifth day in a row, bolstered by U.S. data that showed the amount of crude in storage increased more than expected. The U.S. crude traded at $45.

The most important economic events:

  • EUR German Consumer Price Index (YoY) (JUN P): (GMT 12:00) – Important – Forecast (1.4%) – Previous (1.5%).
  • USD Gross Domestic Product (Annualized) (1Q T): (GMT 12:30) – Important – Forecast (1.2%) – Previous (1.2%).

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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