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Dollar Declines but U.S. Tax Plan Hopes Support

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USD

On Monday, the Greenback traded lower vs. a basket of major currencies, but remained backed by hopes that major U.S. tax plan will be passed before the end of the year. On the release front, markets are awaiting NAHB Housing Market Index for December, which is expected to hit 70.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.25% 93.700 pips.

EUR

The EUR rose as much as 0.36%, to settle at $1.1791. The Single currency boosted after Leaders of Germany's Social Democrats (SPD) have agreed to enter coalition talks on a new government led by Chancellor Angela Merkel, providing an opportunity to the political crisis in the country. However, talks are not expected to start until January.

GBP

The Sterling pound rose by 0.24%, to settle at $1.3354. On the release front, traders are awaiting CBI Trends Total Orders for December, which is expected to hit 15 from 17.

JPY

Against the JPY, the USD rose as much as 0.04%, to settle at ¥112.65.

Gold

Gold prices settled high, as the Greenback traded lower despite mounting hopes that a major U.S. tax plan could be enforced before the year-end. Gold Futures - Feb 18 (GCG8), rose as much as 0.17%, to settle at $1,259.70.

Oil

Earlier today, Oil prices edged higher amid an ongoing outage of the Forties pipeline in the North Sea and as the Nigerian oil workers will begin strike action.  Crude Oil WTI Futures - Jan 18 (CLF8) rose as much as 0.54% at $57.63 and Brent Oil Futures - Jan 18 (LCOF8) was up by 0.66% at $63.63.

The most important economic events:

  • USD NAHB Housing Market Index (DEC): (GMT 15:00) – Important – Forecast (70) – Previous (70).

Disclaimer
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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