The Greenback Falls

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Despite the U.S. positive data, the Greenback fell yesterday vs. a basket of major currencies, negatively affected by FOMC decision.

  • The U.S. dollar index, which measures the Greenback vs. six major world currencies, fell to the key level of 100 pips.  

Gold prices hit $1,230 yesterday, thanks to the FOMC rate decision. However, the yellow metal pared its gains and settled at $1,225 after Dutch voters gave victory to pro-European parties including PM Mark Rutte's Liberals.

Euro was widely affected by Dutch elections after Dutch Prime Minister Mark Rutte's Liberals beat off an election challenge by anti-EU Party for Freedom of Geert Wilders. The common currency settled at $1.0760 and could settle at $1.07 by today.

The British pound boosted yesterday after Kristin Forbes, an external member of the central bank’s Monetary Policy Committee, voted to raise rates. Cable could trade above $1.2350 during the day; however, it could face pressures after Queen Elizabeth authorized British PM to trigger Article 50.

Oil prices failed to maintain its gains as the U.S. inventories remain high. U.S. crude settled at $49 and could decline during the day; however, it could face support at $48.50.

The most important economic events:

  • USD U. of Michigan Confidence (MAR P): (GMT 14:00) – Important – Forecast (97) – Previous (96.3).
  • USD Leading Indicators (FEB): (GMT 14:00) – Important – Forecast (0.4%) – Previous (0.6%).

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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