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Dollar Declines and All Eyes On ECB

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USD

On Tuesday, the Greenback failed to manage its gains and declined to one-week low vs. the Japanese Yen, after reports that two former aides of U.S. President Donald Trump were charged by federal investigators probing Russian interference in the 2016 election.

On the economic calendar for Tuesday, traders are awaiting U.S. Consumer Confidence Index, which is expected to hit 121 from 119.8. 

EUR

The Single currency fell as much as 0.11% vs. the U.S. dollar, to settle at $1.1637, as traders are awaiting reports on euro zone third quarter growth as well as inflation and unemployment later in the trading day.

Markets expect growth in the euro-zone to slightly to 0.5% from 0.6% in the second quarter.

GBP

The Sterling pound held steady, with GBP/USD at 1.3207 after rising 0.6% yesterday amid expectations that the Bank of England could hike interest rates for the first time in almost a decade.

JPY

The Greenback fell to one-week low vs. the JPY with USD/JPY at ¥113.26 as traders shifted to cautious following news that the U.S. President Donald Trump's former campaign manager was charged with money laundering in the federal probe into Russian meddling in the 2016 presidential election.

On the release front, markets are awaiting the Bank of Japan's monetary policy decision due the day. The decision is unlikely to have much impact on the yen as the BOJ is widely expected to keep intact a pledge to guide short-term interest rates at -0.1%

Gold

Earlier today, Gold prices held steady as the U.S. dollar fell slightly after two ex-Trump aides charged in Russia probe. Gold Futures - Dec 17 fell as much as 0.1%, to settle at $1,277.62.

Oil

Oil prices failed to manage its gains as investors took profits following days of gains and as the prospect of increasing U.S. exports reduced overall upward sentiment that has pushed Brent above $60 per barrel. Crude Oil WTI Futures - Dec 17, fell as much as 0.24%, to settle at $54.02 and Brent Oil Futures - Jan 18 was at 60.32 down by 0.45%

Economic Calendar (all times in GMT)

  • EUR Euro-Zone Gross Domestic Product s.a. (YoY) (3Q A): (GMT 10: 00) – Important – Forecast (2.3%) – Previous (2.3%).
  • EUR Euro-Zone Consumer Price Index Estimate (YoY) (OCT): (GMT 10: 00) – Important – Forecast (1.5%) – Previous (1.5%).
  • EUR Euro-Zone Consumer Price Index Core (YoY) (OCT A): (GMT 10: 00) – Important – Forecast (1.1%) – Previous (1.1%). 54

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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