On Monday, the Greenback fell vs. a basket of major currencies, as the U.S. manufacturing data slowed. Meanwhile, the U.S. dollar was affected by the global cyber-attacks as it locked down hundreds of thousands of computers and hit global stock exchanges.
Gold prices edged higher yesterday to settle at $1,230, as investors might shift to save-haven assets amid ongoing political tensions between North Korea and U.S. and considering global cyber-attacks. Technically, the precious metal could rise further to $1,240.
Euro extended gains yesterday as German chancellor, Angela Merkel and new French president, Emmanuel Macron, said that they would be prepared to look at changing EU treaties in order to allow a further integration of the Eurozone. Technically, the common currency could re-test $1.10 levels during the day, in anticipation of EUR German ZEW Survey and EUR Euro-Zone Gross Domestic Product s.a., which will be released later today.
Despite a weak USD, the Sterling pound failed to settle at $1.29 vs. USD in anticipation of inflation data, which could grow at a slower-than-expected pace as GBP rose last month.
Also on Monday, Oil prices rose as much as 2%, after Russia and Saudi Arabia said a deal to cut production should be extended until the end of March 2018.
The most important economic events:
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.