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Brent Hits 30-Month High at Above $65

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USD

On Tuesday, the Greenback fell slightly vs. a basket of major currencies, with market players awaiting the U.S. Federal Reserve's policy meeting this week for fresh clues on interest rates. The U.S. Federal Reserve is widely expected to hike interest rates at its upcoming two-day policy meeting that will end tomorrow and is expected to tighten policy further next year.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.09% 93.781 pips.

EUR

The common currency traded higher vs. the USD, with EUR/USD rising 0.13% to $ 1.1784. On the economic calendar for Tuesday, markets are awaiting Euro-Zone ZEW Survey and German ZEW Survey Expectations.

GBP

The Sterling pound rose as much as 0.16% vs. the Greenback, to settle at $1.3361. On the release front, Consumer price inflation (CPI) in the UK hit a fresh five-year high in November.

JPY

Against the JPY, the USD fell as much as 0.11%, to settle at ¥113.43. No major reports are due from Japan today. 

Gold

Gold prices fell amid expectations of another interest rate hike in the US. Gold Futures – Feb 18 (GCG8), fell as much as 0.08%, to settle at $1,245.90. 

Oil

Earlier today, Brent oil prices have risen by 1% to its highest levels since July 2015, after the shutdown of the North Sea's key Forties pipeline knocked out significant supply from a market already tightening due to OPEC-led production cuts.

Crude Oil WTI Futures - Jan 18 (CLF8) rose as much at 0.91% at $58.52 and Brent Oil Futures - Jan 18 (LCOF8) was down by 1.33% at $65.55.

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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