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U.S. Dollar Stands Tall as US Tax Reforms Loom

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USD

On Friday, the Greenback edged higher vs. its major peers, on new hopes for a major U.S. tax reform and amid continuing speculation over the next chair of the Federal Reserve.

On the economic calendar for Friday, traders are awaiting Yellen's speech on Monetary Policy the Since Financial Crisis as she could mention to conventional and unconventional policies as well.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.25% at 93.497.

EUR

EUR edged down by 0.45% to $ 1.1799 as Spanish political tensions weighed.

GBP

The Sterling pound dipped into negative territory against its G10 rivals as the UK wage squeeze has continued, and the unemployment rate across the country held to a 42 year low. GBP/USD fell by 0.21%, to settle at $ 1.3132.

In terms of the news, traders are awaiting Public Sector Net Borrowing (Pounds) (SEP), which is expected to rise from 5.1b to 5.7b.

JPY

The Greenback rose vs. the JPY, with USDJOY up 0.70% at ¥ 113.33.

On the Japanese election front, traders are awaiting the upcoming Japan's general election, scheduled on Sunday.

Gold

Gold prices fell dramatically, negatively affected by a strong U.S. dollar amid new hopes for a major tax overhaul in the near future. Meanwhile, the precious metal could be affected by speculation over who will replace Janet Yellen as head of the Federal Reserve. 

Gold Futures - Dec 17 fell as much as 0.49%, to settle at $ 1,283.70.

Oil

Earlier today, Oil prices rose, backed by signs of tightening supply and demand fundamentals, despite the warning of china’s excessive economic optimism still weighed a bit on markets. Crude Oil WTI Futures - Nov 17 rose as much as 0.23%, to settle at $ 57.35, while Brent Oil Futures - Dec 17 was up 0.19 at $57.34.

Economic Calendar (all times in GMT)

  • CAD Consumer Price Index (YoY) (SEP): (GMT 12:30) – Important – Forecast (1.7%) – Previous (1.4%).
  • USD Yellen Speaks on Monetary Policy the Since Financial Crisis: GMT 23:30) – 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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