The Greenback failed to manage its gains following the Fed's decision to raise interest and sell off the assets estimated by $ 4.2 trillion during the year.
The U.S. dollar was affected by a soft U.S. data as the U.S. home construction fell in May for the third straight month, hitting its lowest level since September 2016. The University of Michigan's Consumer Sentiment Index went against expectations and slipped to 94.5 in June.
Gold prices settled at $1,250 as the Federal Reserve raised short-term interest rates by a quarter point. The yellow metal remains affected by Fed decisions as it could tighten its monetary policy by %15 during its next meeting. However, Gold could be supported by the political uncertainty in the Middle East and the U.S.
The Sterling pound managed to hold its gains at the end of last week’s trading session. However, the formal Brexit negotiations will start today in Brussels.
Oil prices settled at the end of last week’s trading session after declining to their fourth weekly loss in a row as the U.S. production increased.
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.