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Dollar Declines To 3-Year Low

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USD
On Friday, the Greenback slipped to three-year lows vs. its major peers, weighted down by fresh worries over U.S. monetary policies and especially the rising deficit offset optimism sparked by recent U.S. economic reports. On the release front, market players are awaiting Michigan Consumer Sentiment Index, which is expected to hit 95.5 from 95.7. 

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.16% at 88.33, it’s lowest level since December 2014.

EUR
The Single currency rose by 0.25%, to settle at $1.2535, positively affected by a weak USD.

GBP
Sterling pound rose by 0.08%, to settle at $1.4108, thanks to soft U.S. dollar.

JPY
Earlier today, the Japanese government re-appointed BOJ Governor Haruhiko Kuroda for a second term. In addition, Japan's top government spokesperson said on Friday that recent moves in the currency market were one-sided and that the government would take appropriate measures if needed. Against the JPY, the USD fell by 0.13%, to settle at ¥105.98.

Gold
Early on Friday, Gold prices rallied to their highest level in around three-and-a-half week, as worries over the U.S. deficit took over market sentiment and sent the USD broadly lower. Gold Futures - Apr 18 (GCJ8), rose by 0.61%, to settle at $1,363.10.

Oil
U.S. crude extended gains at the beginning of the day, as the U.S. dollar declined to a three-year low. Meanwhile, Oil traded high earlier in the week after Saudi Energy Minister said OPEC hopes to keep limiting crude output to leave the market tight. Crude Oil WTI Futures - Mar 18 (CLH8) rose as much as 0.70%, to settle at $61.77, and Brent Oil Futures - Apr 18 (LCOJ8) was up by 0.70% at $64.78

The most important economic events:

  • USD Import Price Index ex Petroleum (MoM) (JAN): (GMT 13:30) – Medium – Forecast (0.1%) – Previous (-0.2%).
  • USD Export Price Index (YoY) (JAN): (GMT 13:30) – Medium – Forecast (N/A) – Previous (2.6).
  • USD U. of Mich. Sentiment (FEB P): (GMT 15:00) – Important – Forecast (95.5) – Previous (95.7).

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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