German Ifo Business Climate Unexpectedly Declines in December

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On Tuesday, the Greenback held steady vs. its major rivals, as market players remained cautious with the progress on the U.S. tax reform front and  with them  awaiting the release of the U.S. housing sector data that is due later in the day, for further signals on the strength of the housing market.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.13% at 93.570 pips.


The Single currency rose as much as 0.16%, to settle at $1.1801. However, German business confidence unexpectedly dipped to a seasonally adjusted 117.2 in December from a reading of 117.6 in November, causing some worries over Europe's largest economy.


The GBP fell as much as 0.04%, to settle at $1.3378.


The JPY fell as much as 0.06% vs. the USD to settle at ¥112.62. No major reports are due from Japan today.


Earlier today, Gold prices hit a two-week high due to cautions surrounding U.S. tax reform plans and ahead of the U.S. housing sector data decreased demand for the Greenback. Gold Futures - Feb 18 (GCG8), rose as much as 0.17%, to settle $1,267.70.


Oil prices settled high thanks to the shutdown of the Forties Pipeline in the North Sea and ongoing OPEC-led production cuts. Crude Oil WTI Futures - Jan 18 (CLF8) rose as much at 0.51% at $57.51 and Brent Oil Futures - Jan 18 (LCOF8) was up by 0.22% at $ 63.55.

The most important economic events:

  • USD Housing Starts (MoM) (NOV): (GMT 13:30) – Medium – Forecast (-3.2%) – Previous (13.7%).
  • USD Building Permits (MoM) (NOV): (GMT 13:30) – Medium – Forecast (-3.1%) – Previous (5.9%).

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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