All Eyes Shift To U.S. Markets

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This week, all eyes will shift to the U.S. markets as the global markets were negatively affected by the ‘Brexit’ vote, which is unlikely to fully unfold for months to come. However, economists and central banks are already studying the effect of the ‘Brexit’ vote on economic data. 

Both the Federal Reserve and the European Central Bank could mention their cautious positions on monetary policy as their meetings were held before the ‘Brexit’ vote was announced.

Raising interest rates by the Federal Reserve are in doubt after the referendum result and some major central banks may need to expand the quantitative easing programs to deal with inflation.

On Friday, the pound declined to its lowest levels in three years vs. a basket of currencies, amid expectations that the BOE would likely need, to further ease monetary policy this summer. GBP traded at $1.33 vs. USD and could trade between $1.32 and $1.35.

On Friday, Gold prices traded higher and touched a fifth weekly gain in a row, backed by a weaker U.S. dollar and strong demand for assets considered less risky in the wake of the Brexit vote. The precious metal settled above $1,300 and could re-test the psychological level of $1,300 during the course of the week as markets are waiting The Federal Reserve minutes.

WTI surged at the end of the trading session last week, thanks to soft USD and waning fears of Brexit. U.S. crude traded above $49 and could test $50.

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.

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