USD

On Wednesday, the Greenback recovered vs. a basket of major currency as traders are awaiting the FOMC Meeting Minutes for further signs on the future path of monetary policy. Further cues are likely from U.S. economic data this week, including the U.S. nonfarm payroll, which will be released this Friday. On the release front, market players are awaiting the U.S. ISM Manufacturing, which is expected to hit 58.2.

• The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up by 0.12% at 91.981 pips, its weakest level in almost four weeks.

EUR

The Single currency declined after a rally push by anticipations that the ECB will start to shrink its stimulus program later this year. The EUR fell by 0.12%, vs. the USD, to settle at $1.2043. On the release front, German Unemployment Change fell to -29k, from -20k.

GBP

The Sterling pound rose slightly vs. the Greenback by 0.04%, to settle at $1.3594.

JPY

Against the JPY, the USD rose by 0.04%, to settle at ¥112.33. No major reports are due from Japan today.  

Gold

Gold prices fell after touching a 3-1/2-month high, as the Greenback recovered from its lows and technical indicators indicated to a short-term correction. Gold Futures - Feb 18 (GCG8), fell as much as 0.05%, to settle at $1,315.50.

Oil

Earlier today, Oil prices edged down from the mid-2015 highs reached yesterday as high output in the U.S. and Russia undermined ongoing efforts led by OPEC to tighten the market.

Crude Oil WTI Futures - Feb 18 (CLG8) rose as much as 0.08% at $60.42 and Brent Oil Futures - Mar 18 (LCOH8) was up by 0.02% at $66.58.

The most important economic events:

• EUR German Unemployment Change (000's) (DEC): (GMT 08:55) – Important – Forecast (-13k) – Previous (-18k).
• EUR German Unemployment Claims Rate s.a. (DEC): (GMT 08:55) – Important – Forecast (5.5%) – Previous (5.6%).
• USD ISM Manufacturing (DEC): (GMT 08:55) – Important – Forecast (58.2) – Previous (58.2).
• USD ISM Employment (DEC): (GMT 15:00) – Important – Forecast (N/A) – Previous (59.7).
• USD FOMC Meeting Minutes (DEC 13): (GMT 19:00) – Important –

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 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.