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Dollar Down As U.S. Equity Futures Declines

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USD

On Tuesday, the Greenback declined as a sell-off in global equities markets caused by the probability of higher inflation showed some signs of letting up, with U.S. equity futures falling overnight. However, anticipations of tightening monetary policy could support the U.S. dollar, as hiking rates make the Greenback more attractive to yield-seeking investors.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.24% at 89.36.

EUR

The Single currency rose by 0.27%, to settle at $1.2401. Meanwhile, Mario Draghi said the ECB has no choice but to brace for the possibility that the U.K. will exit the European Union without a transitional agreement. No major reports are due from the Euro-zone today.

GBP

The GBP gained ground vs. the USD, with GBP/USD climbing 0.27% to 1.3995.

JPY

Against the JPY, the USD fell by 0.08%, to settle at ¥109.00.

Gold

Earlier today, Gold prices edged higher as many investors turned to the yellow metal following a rout in the U.S. stocks that carried over into the region and sent Tokyo down as much as 5%. The yellow metal tends to rise in times of market turbulence thanks to its safe haven status. Gold Futures - Apr 18 (GCJ8), rose by 0.73%, to settle at $1,346.30.

Oil

Early on Tuesday, Oil prices declined by more than 1%, as global market players tumbled lower following one of the biggest intra-day falls ever registered on Wall Street. Crude Oil WTI Futures - Mar 18 (CLH8) fell as much as 0.64%, to settle at $63.74, and Brent Oil Futures - Apr 18 (LCOJ8) was down by 0.74% at $67.12.

The most important economic events:

  • NZD Unemployment Rate (4Q): (GMT 21:45) – Important – Forecast (4.7) – Previous (4.6).
  • NZD Employment Change (YoY) (4Q): (GMT 21:45) – Important – Forecast (3.6%) – Previous (4.2%).

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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