Greenback Fall Slightly

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On Monday, the U.S. dollar fell slightly, although, the U.S. Consumer Price Index (CPI) rose to 0.5% in December. However, such data gave a positive outlook about the U.S. economy, as higher wages could help the U.S. economy to grow faster than expected during the year. In addition, the Greenback was negatively affected by the political uncertainty that surrounds Trump, as he bars citizens of seven Muslim-majority countries from entering the U.S.

The U.S. dollar index fell as much as 10 pips yesterday to settle at 100.40 pips, in anticipation of Federal Reserve's decision, which will be released tomorrow.

As was widely expected, the BOJ kept its policy stance unchanged. Markets await BOJ Gov. Haruhiko Kuroda's press conference, as he could mention to the factors that affected the value of JPY.

Euro settled at $1.07 yesterday, as German inflation data came in slightly weaker than expected. Technically, the common currency could trade in a limited range, in anticipation of the Federal Reserve's decision.

Gold prices rose on Monday and settled at $1,200, kicking the week off with gains as investors shifted to gold after growing objections to Trump’s executive order on visa bans. However, the yellow metal was affected by the Chinese New Year holiday.

Oil prices extended its losses yesterday, as rising U.S. drilling activity reduces efforts by OPEC and non-OPEC producers to cut global output. U.S. crude fell to $53 and could face support at $52.50 in anticipation of an important information from the U.S. Energy Institute.

The most important economic events:

  • EUR German Unemployment Change (JAN): (GMT 10:55) – Important – Forecast (-5k) – Previous (-17k).
  • EUR German Unemployment Rate s.a. (JAN): (GMT 10:55) – Important – Forecast (6.0%) – Previous (6.0%).
  • EUR Euro-Zone Gross Domestic Product s.a. (YoY) (4Q A): (GMT 12:00) – Important – Forecast (1.7%) – Previous (1.7%).
  • EUR Euro-Zone Consumer Price Index Estimate (YoY) (JAN): (GMT 12:00) – Important – Forecast (1.5%) – Previous (1.1%).
  • EUR Euro-Zone Consumer Price Index - Core (YoY) (JAN A): (GMT 12:00) – Important – Forecast (0.9%) – Previous (0.9%).

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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