U.S. Dollar Back To Gains
U.S. Dollar Back To Gains
USD
The Dow Jones Index continued its gains during yesterday's trading session, a day after breaking the barrier of 20,000 points, despite soft U.S. data.
The U.S. dollar index rose as much as 0.5% and settled at 100.50 pips. The Greenback was affected by the initial jobless claims report, as the number of Americans who applied for unemployment benefits unexpectedly rose last week.
Gold
Gold prices fell for the second day in a row, negatively affected by a strong USD, and settled below $1,190.
New-home sales fell 10.4% in December to a seasonally adjusted annual rate, however, sales for all of 2016 rose to 12%, the highest since 2007. However, the yellow metal ignored such data and declined. Technically, closing below $1,190 could open the door for further declines during the next periods and the precious metal could face support at $1,177.
GBP
The Sterling pound settled at $1.26 vs. the Greenback as the U.K.'s gross domestic product went against expectations and rose as much as 0.6% in Q4 vs. 0.5% forecast. Technically, Cable could hold at such level, in anticipation of the meeting between Theresa May and Donald Trump, which will be held later on today.
Euro
Euro fell yesterday and traded below $1.07. Technically, the common currency could settle during the day, in anticipation of U.S. Q4 GDP. The Greenback could be supported by the GDP of the world's largest economy.
Oil
Oil prices rose as much as 2% yesterday and U.S. crude settled at $54.
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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