On Wednesday, the Greenback settled vs. its major peers after Wall Street shot to record peaks amid signs of progress on U.S. tax cuts, while bitcoin traded above $10,000, on a host of exchanges as the frenzy for cryptocurrencies showed any signs of fading.
On the data front, markets are awaiting Yellen’s speech on the economic outlook before the Congressional Joint Economic Committee later in the day. Additionally, traders are awaiting the U.S. Gross Domestic Product (GDP) QoQ, which is expected to hit 2.5% from 3.1%.
The Single currency edged up 0.26% vs. the Greenback at $1.1871. Looking ahead, investors are awaiting German Consumer Price Index, which is expected to hit 1.7% from 1.6%.
The sterling pound rose by 0.46% vs. the USD with GBP/USD at $1.3407. the Sterling hit new highs after the U.K. and the European Union negotiators reached an outline agreement on the divorce bill that Britain will pay when it leaves the bloc
The JPY fell as much as 0.01% vs. the Greenback with USD/JPY at ¥111.49.
Gold prices settled, as traders mostly ignored off North Korea's latest missile launch, while looking ahead to Fed Chairwoman Janet Yellen’s speech and a batch of the U.S. economic data for fresh sings on the likely trajectory of monetary policy. Gold Futures - Dec 17 (GCZ7), was down by 0.04%, to settle at $1,294.39.
Oil prices edged lower amid worries Russia and OPEC will agree on extending a crude production cut to cover all of 2018, and after a report of an unexpected rise in U.S. crude oil stockpiles .
Crude Oil WTI Futures - Jan 18 (CLF8) fell as much at 0.45 % at $ 57.73 and Brent Oil Futures - Jan 18 (LCOF8) was down by 0.43% at $62.97.
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.