The U.S. Dollar Pairs Its Gains
The U.S. Dollar Pairs Its Gains
On Tuesday, the U.S. dollar pared its gains as U.S. consumer confidence unexpectedly declined to 98.6 in September. The U.S. dollar index fell to 98.60.
Gold hit the 200-day moving average and settled above $1,267. Technically, closing above the mean level could lead the yellow metal to touch $1,282. While the outlook remains negative at $1,240.
Euro settled at $1.09 vs. USD as U.S. consumer confidence fell yesterday. Technically, the single currency could trade in a limited range as markets are awaiting Federal Reserve decision on interest rates.
Also on Tuesday, Governor of the Bank of England, Mark Carney said that investors would demand a higher return for holding British assets, including government bonds, if the central bank's independence was called into question.
After falling earlier in the session to $1.2082, the Pound Sterling was positively affected by such statements and recovered to $ 1.2160. Despite this recovery, GBP remains down by 0.6% compared to its level at the beginning of the trading session.
Oil prices declined yesterday as U.S. consumer confidence fell in October. Markets are awaiting the release of U.S. crude inventory data, which in recent weeks has provided bullish surprises, but OPEC members’ remarks regarding opportunities of an output cut controlled the prices.
The most important economic events:
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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