On Friday, the Greenback held steady vs. a basket of currencies, as traders shifted their focus to the U.S. non-farm payroll, with the U.S. President Donald Trump's nomination of Federal Reserve Governor Jerome Powell to be the next Fed chair coming as widely expected.
On the release front, traders are awaiting Friday’s non-farm payroll data, which is expected to hit 312k from -33k and the U.S. ISM Non-Manufacturing/Services Composite is also awaiting.
The EUR declined by 0.11 vs. with EUR/USD at $1.1645 as traders are awaiting Friday’s non-farm payroll.
The Sterling pound fell as much as 0.13% vs. the Greenback at $1.3043, after having tumbled 1.4 percent yesterday. The Bank of England voted 7-2 to hike its benchmark Bank Rate to 0.50% from 0.25% for the first time since July 2007.
On the economic calendar for Friday, traders are awaiting UK Services PMI, which is expected to hit 53.3 from 53.6.
Against the JPY, the Greenback settle at ¥114.07 down by 0.1%.
Gold prices drifted lower with traders cautious ahead of nonfarm payrolls later in the day. The initial jobless claims declined by 5k to a seasonally adjusted 229k for the week ended Oct. 28, a steeper drop than economist had expected, the U.S. Department of Labor reported yesterday .
Gold Futures - Dec 17 fell as much as 0.14%, to settle at $1,276.36.
Earlier today, Oil prices edged higher, backed by OPEC-led supply cuts which are tightening the market as well as by strong demand.
Crude Oil WTI Futures - Dec 17 rose as much as 0.50% at $ 54.81 and Brent Oil Futures - Jan 18 was up0.36% at $60.84.
Economic Calendar (all times in GMT)
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.