Oil Prices Hit 3-Year Highs

USD
On Monday, The Greenback declined to three-year lows vs. a basket of major currencies as demand for the common currency continued to be underpinned by anticipations that the ECB is preparing to cut its massive stimulus program.

• The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.41% at 90.25 pips.

EUR
The Single currency rose by 0.52% vs. the Greenback, to settle at $1.2260. The Euro has rallied since last Thursday’s December ECB minutes said officials could consider a gradual shift in policy guidance from early 2018. Additionally, The Single received has boosted after German Chancellor Angela Merkel moved closer to forming a coalition government.

GBP
The Sterling pound rose by 0.45%, to settle at $1.3788, the highest levels since Britain’s vote to exit the EU in June 2016.

JPY
Against the JPY, the USD fell by 0.41%, to settle at ¥110.60. the JPY supported by comments from the BOJ Governor Haruhiko Kuroda on Monday highlighting the Japan's economic recovery.

Gold
Early on Monday, Gold prices settled above their highest level since September as the Greenback languished at three-year lows vs. a basket of major currencies. The U.S. dollar declined as traders continued to price in the risk of tighter policies in Japan and Europe.Gold Futures - Feb 18 (GCG8), fell as much as 0.55%, to settle at $1,342.10.

Oil
Earlier today, Crude prices settled near 3-Year Highs, as the market weighed rising U.S. drilling activity against ongoing efforts by OPEC and major producers to cut output to support oil prices.

Crude Oil WTI Futures - Feb 18 (CLG8) fell as much as 0.25% as $64.14 and Brent Oil Futures - Mar 18 (LCOH8) was down by 0.43% at $ 69.57.

The most important economic events:

• GBP BOE's Tenreyro Speaks on Productivity at Event in London: (GMT 18:15) – Low.

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.