U.S. Dollar Sends Mixed Messages
U.S. Dollar Sends Mixed Messages
The U.S. dollar was mixed against most major currencies on Thursday affected by Wednesday's Federal Reserve decision. The U.S. Federal Reserve kept interest rates unchanged but has hinted at a rate hike before the end of this year. The U.S. dollar index settled at 95.40 pips.
On Thursday, Gold spiked higher and settled at $1,335, thanks to Wednesday's Federal Reserve decision and weak USD. Technically, the yellow metal could settle above the support of $1,330 by the end of the week.
USD declined vs. Euro to its lowest level in a week and traded below $1.12. Technically, the pair could tread water by the end of the week.
The U.S. dollar rose slightly vs. Japanese yen on Thursday, after the U.S. Federal Reserve held monetary policy steady.
USD touched a low of ¥100.10, the lowest level in four-weeks. The greenback later pared some losses and settled at ¥101.
On Thursday, Oil prices rose as much as 2%, for a second consecutive day due to an unexpected decline in U.S. crude oil inventories and on caution ahead of a meeting of OPEC ministers and key oil producers next week in Algeria to discuss possible production and cooperation to reduce global oversupply. U.S. crude traded above $46 and could settle above such level by the end of the week.
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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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