Oil Settles near Two-Year High
Oil Settles near Two-Year High
USD
On Monday, the Greenback edged higher to its highest level in an eight-month vs. the JPY, due to divergent monetary policy expectations between the BOJ and the Federal Reserve.
Demand for the U.S. dollar increased amid expectations that the Fed could stick to its plan for gradual monetary tightening.
On the release front, The U.S. nonfarm payrolls report showed a smaller than expected hike in jobs growth and a slowdown in wage growth.
EUR
The single currency was little changed vs. the greenback to settle at with EUR/USD at $1.1604 as markets are awaiting any fresh developments in U.S. tax reform plans.
GBP
The Sterling pound rose as much as 0.21% vs. the U.S. dollar with GBP/USD at $1.3105 after posting the largest one-day decline since the Brexit vote. No major reports are due from the UK today.
Gold
Gold prices edged lower near their lowest level in three months, as largely strong U.S. economic data boosted already high anticipations that the Federal Reserve will hike rates before the end of the year. Gold Futures - Dec 17 (GCZ7) rose as much as 0.08% at $1,270.20.
Oil
Oil prices have risen to their highest levels since July 2015 as markets tightened, as Saudi Arabia's crown prince boosted his power through an anti-corruption crackdown. Crude Oil WTI Futures - Dec 17 (CLZ7) rose as much as 0.66% at $ 56.01, while Brent Oil Futures - Jan 18 (LCOF8) was up 0.72% at $62.52.
Economic Calendar (all times in GMT)
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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