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Oil Prices Hit Two-Year High

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USD
On Friday, the Greenback rose against its major rivals, but remained within close distance of a one-month trough as the Federal Reserve's latest policy meeting minutes continued to curb demand for the U.S. dollar. The Greenback declined on Wednesday after minutes from the Fed's latest policy meeting showed some members expressed worries over the inflation outlook.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.03% at 93.01 pips, off the previous session's one-month low of 93.00.

EUR
The Single currency rose by 0.12% vs. the Greenback with EUR/USD at $1.1865, positively affected by European business surveys, which pointed to a strengthening growth outlook for the Euro-zone.

GBP
The Sterling pound was up by 0.13% vs. the USD and settled at $1.3325. On the release front, traders are awaiting the UK BBA Loans for House Purchase. 

JPY
The JPY fell by 0.20% vs. the USD to settle at ¥111.44.

Gold
Earlier today, Gold prices fell slightly as the Greenback recovered from sharp losses posted in the previous session, although the minutes of the Federal Reserve's latest policy meeting continued to weigh on the USD.

Oil
U.S. crude oil edged higher to a two-year high, as the shutdown of a major crude pipeline from Canada to the United States tightened North American markets.  The pipeline provides about one-fifth of Canadian pipeline imports into the United States, according to the energy research firm Genscape.

Crude Oil WTI Futures - Jan 18 (CLF8) rose as much as 1.10% at $58.66 and Brent Oil Futures - Jan 18 (LCOF8) was up by 0.14 % at $63.64.

The most important economic events:

  • USD Markit US Manufacturing PMI (NOV P): (GMT 14:45) – Important – Forecast (55) – Previous (54.6).
  • USD Markit US Services PMI (NOV P): (GMT 14:45) – Important – Forecast (55.4) – Previous (55.3).
  • USD Markit US Composite PMI (NOV P): (GMT 14:45) – Important – Forecast (N/A) – Previous (55.2).

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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