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Faltering European Currencies Lift Dollar, GDP Figures Eyed

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USD

The dollar index, which measures the greenback against a basket of major currencies ticked higher to 98.26 benefiting from the drop in European currencies. The Euro and pound account for almost 70% of the DXY's basket. The weakening economic activity in the Euro region is urging the European Central Bank to intervene and put the economy back on the right track. On the other hand, the suspension of the British parliament is leaving the lawmakers a little chance of averting a no-deal Brexit, which would be the worst scenario to the British economy. The EURUSD drifted lower to $1.1070, and the GBPUSD tumbled to a one-week low of $1.2154. Meanwhile, the US Treasury yields extended losses and raised further possible-recession warnings. Market participants are looking forward to the second reading of the second-quarter GDP figures, which would have a direct impact on the pricing of interest rate cuts.

Metals

Gold prices inched higher trading above a minor resistance zone amid growing investors fears of a possible recession and escalating trade uncertainty. The price of a gold ounce rose to a high of $1550, slightly short from posting a fresh six-year high, the price of a silver ounce climbed to $18.62, the highest level since April 2017, driving the XAUXAG ratio to a six-month low of 83.09.

Oil

Oil prices soared on a drop in US inventories but surrendered gains amid growing fears of a coming recession. The US Energy Information Administration reported a drop of 10.027 million barrels in US crude inventories last week, sending oil benchmarks to a one-week high. However, the continuous signals of an impending economic recession weighed forced investors to take profits. The West Texas Intermediate crude futures settled at $55.88 after posting a high of $56.70, and Brent futures finished at $60.43 touching a resistance level of $60.96.

Major Economic Events

GMT Country Event Expectation Previous

12:00

EU

German CPI (MoM) (Aug)  

-0.1%

0.5%

12:30

US

GDP (QoQ) (Q2) 

2.0%

2.1%

12:30

US

GDP Price Index (QoQ) (Q2) 

2.4%

2.5%

12:30

US

Initial Jobless Claims

215

209

14:00

US

Pending Home Sales (MoM) (Jul)

0.1%

2.8%

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.COM. 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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