Dollar Continues To Recover

The U.S. trade deficit narrowed in March as imports declined to its lowest level since 2010. Such data could raise Economic Growth Estimates in the first quarter, but also, points to the weakness in domestic demand as well.

Private Job creation fell even further in April as firms added just 156k jobs, ADP said in a Wednesday report. USD index dollar maintained gains yesterday to end the trading session at 93.20.

Gold settled on Wednesday, thanks to soft U.S. data. The precious metal is awaiting Friday's non-farm payrolls report, with expectations that it will fall short of forecasts. The yellow metal could move in a limited range at $1,280.

USD pared its limited gains vs. EUR, negatively affected by ADP Nonfarm Payrolls. Rumors spread in the market related to Euro exceeding the expectations set by the ECB to Eurozone economy have pressed Euro. This enhanced the speculation that officials are delivering statements to weaken Euro.

Euro settled at $1.15 and could decline further during the course of the week.

USD posted high of 107 vs. JPY but still down by 14%. The yen could face an interference from the BOJ, this supported by Shinzō Abe’s statement as he said yesterday “We are observing the FX market and if necessary we will then have to act."

GBP fell below 1.45 vs. USD on Wednesday, negatively affected by weak UK Construction data. GBP could remain under pressure and re-test 1.14450 levels.

Oil prices declined negatively affected by U.S jobs data. WTI declined below 44 USD.

The most important economic events:

  • USD Initial Jobless Claims (APR 30): (GMT 14:30) Medium – Forecast (N/A) – Previous (257k)  
  • USD Continuing Claims (APR 23): (GMT 14:30) Medium – Forecast (N/A) – Previous (2130k)  
  • USD EIA Natural Gas Storage Change (APR 29): (GMT 16:30) Medium – Forecast (N/A) – Previous (73)  
  • USD EIA Working Natural Gas Implied Flow (APR 29): (GMT 16:30) Medium – Forecast (N/A) – Previous (73)  

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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