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USD Declines to 2-1/2 Week Lows Vs. Major Peers

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USD

On Thursday, The U.S. dollar settled near two-and-a-half week lows vs. a basket of major currencies, as optimism surrounding the U.S. tax reform bill continued to decline ahead of the Christmas holiday. On the release front, market players are awaiting the U.S. Gross Domestic Product Annualized.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.01% at 92.93 pips.

EUR

Against the EUR, the USD fell as much as 0.07%, to settle at $1.1880. On the release front, markets are awaiting the Euro-Zone Consumer Confidence, which is expected to hit 0.2% from 0.1%.

GBP

The Sterling pound rose slightly by 0.05%, to settle at $1.3382. Yesterday, the Bank of England Governor Mark Carney refrained from discussing monetary policy in his testimony to parliament.

JPY

In a widely expected move, the BOJ kept its monetary policy unchanged, despite growing signs of strength in the economy. Japan's economy grew an annualized 2.5 percent in July-September to mark a seventh straight quarter of expansion thanks to robust exports and capital expenditure. The USD rose as much as 0.10%, to settle at ¥113.51.

Gold

Earlier today, Gold prices hit two-and-a-half week highs, as sentiment on the USD remained vulnerable despite the vote of a major U.S. tax reform plan. Gold Futures - Feb 18 (GCG8) fell by 0.07%, to settle at $ 1,268.70.

Oil

Oil prices settled at the beginning of the day, as U.S. crude oil stockpiles fell, but capped by output that is fast approaching 10 million barrels per day, a level only surpassed by Russia and Saudi Arabia. Data on Wednesday showed that the U.S. crude stocks declined last week, while gasoline stocks increased and distillate inventories rose.

Crude Oil WTI Futures - Jan 18 (CLF8) fell as much at 0.07% at $58.05 and Brent Oil Futures - Jan 18 (LCOF8) was down by 0.26% at $64.39.

The most important economic events:

  • CAD Consumer Price Index (YoY) (NOV): (GMT 13:30) – Important – Forecast (2.0%) – Previous (1.4%).
  • USD Gross Domestic Product Annualized (QoQ) (3Q T): (GMT 13:30) – Important – Forecast (3.3%) – Previous (3.3%).

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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