Markets await Yellen’s Speech
Markets await Yellen’s Speech
USD
The U.S. dollar rose vs. a basket of major currencies, boosted by a strong U.S. data as U.S. weekly jobless claim to have declined near a 44-year-low last week. Such data could encourage the Federal Reserve’s official to hike interest rates at their March 14-15 policy meeting. Markets are awaiting Yellen’s speech on the economic outlook and Fed. interest rates hike.
JPY
The Greenback rose vs. Japanese Yen to settle at ¥114.50 as U.S. weekly jobless claim declined to 223k, the lowest level since 1973. Technically, USD could hold at ¥114, in anticipation of Janet Yellen’s speech.
Gold
Gold prices fell as much as 1% due to expectations of a U.S. interest rate hike in March and a strong U.S. data. The precious metal declined to $1,225. Technically, the yellow metal could touch $1,230 by today.
Euro
Euro failed to settle vs. USD as Eurozone inflation rate in February has hit 2%, moving above the European Central Bank's target for the first time in four years, while unemployment rate remained stable. The common currency fell to $1.05 and could settle at such level during the day.
Oil
Oil prices dropped yesterday as Russian crude oil production remained unchanged last month and as government data showed that U.S. crude inventories rose for an eighth straight week. U.S. crude fell to $52.50 and could re-test levels of $53 during the day.
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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