On Monday, the Greenback rose against a basket of major currencies as investors are awaiting for new Federal Reserve Chair Jerome Powell's first monetary policy meeting later this week, despite ongoing U.S. political worries are expected to limit the Dollar’s gains. The U.S. dollar received support after an official data on Friday showed that the U.S. industrial production rose by 1.1% in February, the largest increase in four months, boosted by strong increases in output at mines and factories. No major reports are due from the U.S. today.
The EUR fell by 0.14% vs. the USD, to settle at $1.2273, negatively affected by a strong dollar.
Against the JPY, the Greenback fell slightly by 0.03%, to settle at ¥105.98, as many investors are awaiting Jerome Powell's first monetary policy meeting.
Earlier today, Gold prices extended losses into and settled down near to 2-week lows, as the Greenback regained some strength ahead of this week's Federal Reserve policy meeting, with traders expecting the U.S. Federal Reserve to hike interest rates at this week's policy meeting. Gold Futures - Apr 18 (GCJ8), fell by 0.17%, to settle at $1,310.10.
Also on Monday, Oil prices edged lower as traders remained worried that increase in U.S. production could lead to a new supply glut and undermine OPEC's efforts to cut supplies and prop up markets. In terms of data, an official data showed that the U.S. drillers added four oil rigs in the week to March 16, bringing the total count to 800. Crude Oil WTI Futures - Crude Oil WTI Futures - Apr 18 (CLJ8) fell as much as 0.58%, to settle at $62.05, and Brent Oil Futures - May 18 (LCOK8) was down by 0.60% at $65.81
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.