The Greenback Settles

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On Friday, the U.S, dollar settled vs. a basket of major currencies, after paring its gains due to a weak U.S. data, as the U.S. GDP growth rate in Q4 rose 1.9% vs. a 2.2% estimate.

The U.S. dollar index settled at 100.55 pips, in anticipation of major central banks’ rate decisions and meetings. In addition, the Greenback was affected by Trump's 20% Mexico Border Tax.

Also on Friday, Gold prices fell showing its first weekly loss of the year and traded at $1,190, in anticipation of the central banks' decisions on fiscal policies, which are expected to keep interest rates unchanged. Technically, gold could re-test $1,200 once again as Trump banned citizens from the Middle East from entering the United States.

USD rose slightly vs. JPY and settled above ¥115, in anticipation of the Bank of Japan’s decision on interest rates, which will be released tomorrow. Technically, the pair could trade in a limited range due to the Chinese New Year holiday.

The Sterling pound failed to settle above $1.26, while holding the gains achieved since November.

Oil price failed to maintain its gains and fell as much as 1% from last week’s trading session, on rising U.S. oil output. U.S. crude declined to 53.20 and could re-test $53.

The most important economic events:

  • EUR German Consumer Price Index (YoY) (JAN P): (GMT: 15:00) – Important – Forecast (2.0%) –Previous (1.7%).
  • EUR German Consumer Price Index - EU Harmonised (YoY) (JAN P): (GMT: 15:00) – Important – Forecast (N/A) –Previous (1.7%).
  • USD Personal Consumption Expenditure Core (YoY) (DEC): (GMT: 15:30) – Important – Forecast (1.7%) –Previous (1.6%).

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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