The U.S. dollar rebounded yesterday and pared its losses as financial leaders of the world's biggest economies failed a pledge to keep global trade open and free. The USD is trading under pressure due to concerns over the U.S. business relations and as suggested by Trump , he wanted a weaker dollar to help US exporters.
Euro settled at $1.0750 as the five leading candidates for France's presidential election held their first debate yesterday. The common currency could trade under pressure due to the French presidential election.
The Sterling pound fell to three weeks low vs. the Greenback, as Article 50 will be triggered on March 29. Cable is awaiting important releases, which are UK inflation rate figures for February and the BoE Governor, Mark Carney's speech. GBP is trading at $1.2350 vs. USD and could decline further to $1.22 during the next period.
Gold prices rebounded yesterday and hit two weeks high as the dollar weakened. The yellow metal settled at $1,233 and could trade at $1,241 during the day, in anticipation of U.S. Retail sales data.
Oil prices fell 1% yesterday as traders continue to grapple with concerns about growing U.S. oil output and oil shale drilling activity. U.S. crude settled at $48 in anticipation of U.S. inventories data.
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.