Markets are awaiting FOMC minutes, scheduled to be released this Wednesday, that will enable getting more information on the timing of the adjustment of interest rates. In addition, investors are also expecting an important release from the U.S: the U.S. nonfarm payroll data.
Euro fell sharply to $1.0655 vs. USD on Friday, negatively affected by Eurozone inflation data as CPI Flash Estimate declined to 1.5% short of the forecast of 1.8%. Technically, the common currency could trade under pressure ahead of France’s presidential election and due to negotiations between UK and EU over the future relationship between Gibraltar and the EU after Britain leaves the union.
Gold prices pared most of its losses amid uncertainty over Trump's political and economic policies. The precious metal settled above $1,250 as dollar declined. Technically, the precious metal could trade sideways in anticipation of the Fed. minutes.
Oil prices jumped with markets being more optimistic about an extension of the Organization of the Petroleum Exporting Countries cut deal. U.S. crude touched $51 after a wave of losses.
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.