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Dollar Stands Tall and Euro Declines After Rally

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USD

On Monday, the Greenback settled high vs. a basket of major currencies after data showing that U.S. job growth that cooled last December lead to a change in anticipations for further Federal Reserve rate hikes this year.

Data on Friday showed that Nonfarm payrolls increased by 148k in December well below anticipations of 190k. on the release front, traders are awaiting the Consumer Credit (NOV), which is expected to hit $17.800b from $20.519b.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up by 0.27% at 92.00 pips.

EUR

The Single currency fell vs. the U.S. dollar by 0.33%, to settle at $1.1989 as dollar recovered. On the release front, market players are awaiting EUR Euro-Zone Retail Sales (YoY) (NOV), which is expected to hit 2.4% from 0.4%.

GBP

The sterling pound declined by 0.29% vs. the USD, to settle at $1.3533.

JPY

Against the JPY, the Greenback rose by 0.08%, to settle at ¥113.15. No reports are due from Japan today.

Gold

Gold prices declined negatively affected by stronger USD after Friday’s weaker-than-expected U.S. jobs report did little to alter anticipations for further Federal Reserve rate raises this year. Gold Futures - Feb 18 (GCG8), fell as much as 0.37%, to settle at $ 1,317.40.

Oil

Earlier today, oil prices rose slightly and settled near recent multi-year peaks, boosted by news of a decline in U.S. oil rigs, despite ongoing worries over rising U.S. production were expected to limit gains. Crude Oil WTI Futures - Feb 18 (CLG8) rose as much at 0.07% as $61.48 and Brent Oil Futures - Mar 18 (LCOH8) was down by 0.18% at $67.50.

The most important economic events:

  • EUR Euro-Zone Retail Sales (YoY) (NOV): (GMT 10:00) – Medium- Forecast (2.4%) – Previous (0.4%).
  • USD Consumer Credit (NOV): (GMT 20:00) - – Medium- Forecast ($17.800b) – Previous ($20.519b).

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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