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Dollar Stands Tall and Gold at 3-Week Lows

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USD

On Thursday, The Greenback settled high vs. it’s major peers, drawing support as the Federal Reserve's new chief Jerome Powell's optimism on the U.S. economy suggested the Fed is going to hike interest rates more than three times this year, one more than what markets had anticipated. On the release front, traders are awaiting the U.S. PCE Core (YoY) (JAN), which is expected to hit 1.5%. Traders are also awaiting ISM Manufacturing, which is expected to hit 58.7, from 59.1. 

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up by 0.10% at 90.70.

EUR

The Single currency fell slightly by 0.09%, to settle at $1.2182. Euro is trading under pressure as Italians are preparing to vote in a national election on Sunday.

GBP

The Sterling pound fell by 0.17%, to settle at $1.3736. the Cable  negatively affected by renewed worries over Brexit after British Prime Minister said the EU's draft legal text published on Wednesday would undermine Britain and threaten its constitutional integrity. No Major report are due from the UK today.

JPY

Against the JPY, the USD rose by 0.13%, to settle at ¥106.81. On the release front, tradres are awaiting the Japanese Jobless Rate (JAN), which is expected to hit 2.8%.

Gold

Earlier today, Gold prices settled at three-week lows, as the Greenback remained broadly backed by Jerome Powell’s comments. However, market players are awaiting the second session of Jerome Powell's testimony before the Senate banking committee later in the day after he painted an upbeat picture of the U.S. economy on Tuesday. Gold Futures - Apr 18 (GCJ8), rose by 0.47%, to settle at $ 1,311.70.

Oil

Early on Thursday, Oil prices settled high after sharp declines in the past two days, though profits were limited as some traders shied away from riskier assets amid volatile equity markets and a stronger USD. Meanwhile, data on Wednesday showed that the U.S. crude stockpiles rose by 3 million barrels last week, compared with analyst expectations for a build of 2.1 million barrels. Crude Oil WTI Futures - Mar 18 (CLH8) rose as much as 0.05%, to settle at $61.67, and Brent Oil Futures - Apr 18 (LCOJ8) was up by 0.25% at $64.89.

The most important economic events:

  • USD PCE Core (YoY) (JAN): (GMT 13:30) – Important – Forecast (1.5%) – Previous (1.5%).
  • CAD RBC Canadian Manufacturing PMI (FEB): (GMT 14:30) – Important – Forecast (N/A) – Previous (55.9).
  • USD ISM Manufacturing (FEB): (GMT 15:00) – Important – Forecast (58.7) – Previous (59.1).
  • USD ISM Employment (FEB): (GMT 15:00) – Important – Forecast (N/A) – Previous (54.2).

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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