Greenback hits Fresh 14-Year Highs
Greenback hits Fresh 14-Year Highs
On Thursday, Euro dropped sharply to hit fresh yearly lows at 1.0550, the lowest level since March 2015. The market turnover was affected by Thanksgiving, while USD continued to rise after a new set of strong economic data in the United States on Wednesday.
The Greenback was positively affected by the new orders for U.S. manufacturing capital goods, which rebounded in October.
USD rose to fresh 14-year highs against a basket of currencies and hit an 8-month high vs. the Japanese Yen. The U.S. dollar index settled at 101.81.
GBP pared its losses vs. USD and settled at $1.2450. Technically, cable could touch $1.25 in anticipation of U.K. GDP data for Q3.
Gold declined yesterday as a strong U.S. dollar, which surged to a near 14-year high and Federal Reserve rate anticipations weighed heavily on the yellow metal. The precious metal settled at $1,180 and could decline further to the technical resistance level of $1,170. Technically, Gold is unlikely to break $1,200.
Also on Thursday, Oil prices traded unchanged, with all eyes on the coming OPEC meeting next week, where a deal to cut output is expected. WTI is trading at $48 and could trade sideways in anticipation the OPEC meeting in Vienna on 30th November.
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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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