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Gold Hits 3-Week High

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USD
On Wednesday, the Greenback fell slightly vs. a basket of major rivals, as trading volumes remained soft during the holiday season. Yesterday, the USD was little changed with Wall Street prepares to reopen its doors after the Christmas holiday. On the release front, markets are awaiting the U.S. Consumer Confidence Index, which is expected to hit 128 from 129.5.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.14% at 93.128 pips.

EUR
The Single currency rose by 0.18 vs. the Greenback, to settle at $1.1879. The ECB is expected to start clawing back its monetary stimulus and tighten policy after keeping the deposit rate below zero since June 2014.

GBP
The Sterling pound rose as much as 0.23% vs. the Greenback, to settle at $1.3406. No major reports are due from the UK today.

JPY
Against the JPY, the USD fell as much as 0.05%, to settle at ¥113.17. On the release front, markets players are awaiting Japan's industrial production, which is expected to hit 3.6% from 5.9%.

Gold
Gold prices edged higher as the USD showed little movement as trading volumes were expected keep quite during the holiday season. Gold Futures - Feb 18 (GCG8) rose as much as 0.19%, to settle at $ 1,290.00.

Oil
Oil prices settled near to 2-1/2 year highs from the previous session, as the market outlook for 2018 is relatively narrow; however, the gradual resumption of flows through a key North Sea pipeline prevented crude from rising. Crude Oil WTI Futures - Jan 18 (CLF8) fell as much at 0.58% at $ 59.62 and Brent Oil Futures - Jan 18 (LCOF8) was down by 0.93% at $ 65.83.

The most important economic events:

  • USD Consumer Confidence Index (DEC): (GMT 15:00) – Important – Forecast (128) – previous (129.5).
  • JPY Industrial Production (YoY) (NOV P): (GMT 23:50) – Important – Forecast (3.6%) – previous (5.9%).

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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