Markets Await Trump's Inauguration

On Thursday, the U.S. markets fell as traders are cautious ahead of Donald Trump's inauguration as the 45th president of the United States and amid uncertainty around Donald Trump's economic policies. Recently, Donald Trump has raised eyebrows for comments he's made.

The Greenback failed to maintain its Wednesday's gains. The U.S. dollar index fell as much as 20 pips and settled at 101 pips, in anticipation of Trump's plans for the first 100 days of his presidency.
Euro traded high yesterday vs. the Greenback and touched $1.07, as the ECB announced it would maintain its negative interest rate policy. The common currency is awaiting Trump's speech and his plans for the economy.  

Gold settled above the psychological level of $1,200 from an eight-week high. The yellow metal could settle above $1,200 before the end of the day, which could support the precious metal during the next week. 

Oil prices recovered slightly on Thursday, after the International Energy Agency (IEA) said oil prices were supported by shrinking the gap between supply and demand, even before cuts agreed by OPEC and non-OPEC producers took effect. U.S. crude settled below $51.50 and could re-test such levels by the end of today. 

The most important economic events:

• CAD Consumer Price Index (YoY) (DEC): (GMT 15:30) – Important – Forecast (1.7%) – Precious (1.2%).
• USD United States Presidential Inauguration: (GMT 14:00) – Important

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.