USD Curbs Gains Due to uncertainty Over US Tax Reforms

USD

On Thursday, the U.S. dollar settled vs. its major peers, but its short-term outlook was seen clouded by worries over possible delays to President Trump's tax reform plan.

• The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.9% at 94.785 pips.

EUR

The single currency rose by 0.2% to $ 1.1597 staying above a low of $1.1553 set on Tuesday, its lowest level since July 20.

GBP

The Sterling pound rose slightly vs. the Greenback and settled at $1.1597. No reports are due from the UK today

JPY

Against the JPY, the Greenback edged lower to

¥113.54 down by 0.30%, due to a sudden decline in Japanese equities from multi-decade peaks dampened risk sentiment.

Gold

Earlier today, Gold declined as the U.S. President Donald Trump and Chinese President Xi Jinping sit down for formal talks over tensions on the Korean peninsula and contentious business issues.

Gold Futures - Dec 17 (GCZ7) rose as much as 0.7% at $1,284.66.

Oil

Oil prices settled after falling late in the previous session, backed by ongoing supply cuts led by Russia and OPEC. On the release front, the U.S. crude oil inventories increased unexpectedly last week as imports jumped and production railed to its highest since at least 1983. Crude Oil WTI Futures - Dec 17 (CLZ7) rose as much as 0.12%, to settle at $56.88 and Brent Oil Futures - Jan 18 (LCOF8) was up 0.14% at $ 63.58.

Economic Calendar (all times in GMT)

• USD Continuing Claims (OCT 28): (GMT 13:30) – Medium – Forecast (1885k) – Previous (1884k).
• CHF SNB's Jordan Speaks in Frankfurt: (GMT 16:30) – 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.