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Dollar Recovers and Markets Await the BOE's Governor Carney Speech

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USD
On Monday, the Greenback rose slightly vs. a basket of major currencies, as market players bought back the U.S. dollar following its plunge to three-year lows. The U.S. dollar has been trading under pressure, negatively affected by a variety of factors this year, including worries that Washington might pursue a weak dollar strategy and many weak economic data.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up by 0.03% at 89.06 off a low of 88.253 touched last week, which was the lowest level since December 2014.

EUR
The single currency fell by 0.02% vs. the Greenback as traders are awaiting crucial business surveys later this week that could give the common currency some more direction. No major reports are due from the Euro-zone today.

GBP
Versus the sterling pound, the Greenback rose by 0.11%, to settle at $1.4013. Meanwhile, BoE's Governor Mark Carney will speak today.

JPY
Against the JPY, the USD rose by 0.035, to settle at ¥106.59, but remained down 2.3% this month.

Gold
Earlier today, Gold prices failed to manage its gains and declined, moving away from a three-and-a-half week high as the Greenback backed by Friday's strong U.S. housing sector data. Gold Futures - Apr 18 (GCJ8), fell by 0.46%, to settle at $1,349.90.

Oil
Early on Monday, Oil prices touched its highest levels in two weeks as concerns grew over tensions in the Middle East and as Asian shares joined a global rally in equity markets. Meanwhile, trading is expected to be slower than usual due to market holidays in Greater China as well as in the United States. Crude Oil WTI Futures - Mar 18 (CLH8) rose as much as 0.65%, to settle at $61.95, and Brent Oil Futures - Apr 18 (LCOJ8) was up by 0.34% at $65.06.

The most important economic events:

  • GBP BOE's Carney Speaks at Event in London: (GMT 17:45) – Medium.

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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