News

Dollar Stand Tall on U.S. Tax Reform Optimism

News Archive

2011 2012 2013 2014 2015 2016 2017

USD

On Tuesday, the Greenback held steady after climbing to 2-1/2-week high vs. the JPY yesterday as caution set in before the U.S. tax bill becomes reality and as investors are awaiting ISM Non-Manufacturing/Services Composite due later in the day, which is expected to hit 59 from 60.1. Looking ahead, market players are also awaiting the upcoming U.S. non-farm payrolls report later this week, which will be the last employment report ahead of the Federal Reserve’s monetary policy meeting next week.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up by 0.09% 93.269 pips.

EUR

The EUR fell as much as 0.07% vs. the USD, with EUR/USD at $ 1.1858. On the release front, German services sector growth fell to a three-month low in November, as German Chancellor Angela Merkel's failure to form a three-way coalition government clouded the outlook for business.

GBP

The Sterling pound fell dramatically in early trades as disappointment over a Brexit deal prompted traders to cut their long bets. Yesterday, Prime Minister Theresa May failed to reach an agreement to open negotiations on post-Brexit free trade with the EU. The GBP fell as much as 0.52% vs. the USD, to settle at $1.3411.

JPY

The Greenback rose as much as 0.11% vs. the JPY to settle at ¥112.53.

Gold

Gold prices tread water as traders looked ahead to major U.S. economic data due later in the session for fresh sings on the likely trajectory of the U.S. monetary policy.

Gold Futures - Feb 18 (GCG8), rose slightly by 0.02%, to settle at $1,278.00.

Oil

Oil prices declined ahead of the U.S. supply data, as the market weighed the impact of increasing U.S. crude output versus last week’s deal between OPEC and non - OPEC major producers led by Russia to extend output curbs.

Crude Oil WTI Futures - Jan 18 (CLF8) fell as much at 0.75 % at $ 57.92 and Brent Oil Futures - Jan 18 (LCOF8) was down by 0.42% at $63.47.

The most important economic events:

  • USD ISM Non-Manufacturing/Services Composite (NOV): (GMT 15:00) – Important – Forecast (59) – Previous (60.1).

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.

CFDs and Spot FX are leveraged products. Trading CFD's or Spot FX carries a high risk to your capital and can result in losses that exceed your deposits. Read More
Read More
Mail Call Chat