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Dollar Declines as Tax Reform Plan in Focus

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USD

On Friday, The Greenback edged lower against a basket of major currencies as market players still waiting for positive news about the upcoming U.S. tax reform plan.

On the economic calendar for Friday, investors are awaiting the U.S. ISM Manufacturing index, which is expected to hit 58.3 from 58.7. Additionally, the U.S. ISM Employment data for the month of November is due at GMT 15:00.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.25% at 92.815 pips.

EUR

Against the USD, the EUR rose as much as 0.17%, to settle at $1.1923, as German Chancellor Angela Merkel and her former centre-left partners are to meet again on Friday for more crucial coalition negotiations in an effort to facilitate the formation of a government coalition.

GBP

The Sterling pound fell by 0.13% against the U.S. dollar, to settle at $1.3511. On the release front, traders are awaiting GBP Markit UK PMI Manufacturing s.a. (NOV), which is expected to 56.5 from 56.3.

JPY

The JPY rose as much 0.12%, to settle at ¥112.39. There are no macroeconomic releases due from Japan today.

Gold

Earlier today, Gold prices rose as the Greenback edged lower amid sustained uncertainty over the fate of a highly anticipated tax reform code.

Gold Futures - Dec 17 (GCZ7) increased by 0.28%, to $1,276.71.

Oil

Oil futures edged higher on Friday after OPEC and other key producers led by Russia have agreed to extend a deal to limit their production through 2018 in a widely expected move aimed at ending a persistent glut in global supplies.

Crude Oil WTI Futures - Jan 18 (CLF8) rose as much at 0.59 % at $ 57.74 and Brent Oil Futures - Jan 18 (LCOF8) was up by 0.85% at $63.16.

The most important economic events:

  • CAD GDP (YoY) (SEP): (GMT 13:30) – Important – Forecast (3.3%) – Previous (3.5%).
  • USD ISM Manufacturing (NOV): (GMT 15:00) – Important – Forecast (58.3) – Previous (58.7)
  • USD ISM Employment (NOV): (GMT 15:00) – Important – Forecast (N/A) – Previous (59.8)

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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