On Monday, U.S. stocks closed with declines in materials and energy as oil prices fell. USD index traded higher yesterday at 94.10. The greenback rose vs. Euro, touching $1.1380, and could continue to $1.1350.
USD hit its highest level in ten-day’s vs. JPY, after Japanese Finance Minister Taro Aso said on Monday that Tokyo is ready to intervene in the foreign exchange market if yen moves are volatile enough to harm the Japanese economy.
USD touched 108.50 levels and could continue to 109 levels.
GBP pared its losses and settled at $1.4470 affected by the Brexit campaign. An ICM survey puts ‘Brexit’ recovering a two-point lead over ‘Remain’ by 46% to 44%. From a technical point of view, the fiber could re-test $1.43 soon.
Gold fell 1% amid a wave of selling. The yellow metal traded at $1,264, breaking resistance levels of $1,267 and could decline further to $1,250.
U.S. oil prices fell nearly 2% on Monday, despite The Canadian Wildland Fire. Oil prices negatively affected by strong U.S. Dollar and a wave of selling. WTI traded below $43.40 and could decline further to $42.
The most important economic events:
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.