Dollar Declines on US Government Shutdown

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On Friday, the Greenback inched lower vs. a basket of major currencies easing off session highs, as the U.S. government was pushed into a second shutdown after the U.S. Congress failed to pass a stopgap funding measure.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.10% at 90.10.


The Single currency rose by 0.16% vs. the Greenback to settle at $1.2267, positively affected by weak U.S. dollar.


The U.S. dollar fell slightly by 0.06%, vs. the Canadian dollar to settle at $1.2595. On the release front, markets are awaiting Canada's Unemployment Rate, which is expected to hit 10.0k from 78.6k.


Against the JPY, the USD rose by 0.29%, to settle at ¥109.06. No major reports are due from Japan today.


Earlier today Gold prices fell slightly by 0.10%, despite the Greenback edged lower following news of another U.S. government shutdown. Gold Futures - Apr 18 (GCJ8), down by 0.10%, to settle at $1,317.70.


Also on Friday, Oil prices declined after Iran announced plans to increase its production within the next 4 years by at least 700k barrels a day and U.S. crude output settled new highs, adding to worries over a sharp rise in global oil supplies. An official data showed that the U.S. crude production last week rose to a record high of 10.25 million barrels per day. Crude Oil WTI Futures - Mar 18 (CLH8) fell as much as 0.74%, to settle at $60.70, and Brent Oil Futures - Apr 18 (LCOJ8) was down by 0.43% at $64.53.

The most important economic events:

  • CAD Net Change in Employment (JAN): (GMT 13:30) – Important – Forecast (10.0k) – Previous (78.6k).
  • CAD Unemployment Rate (JAN): (GMT 13:30) – Important – Forecast (5.8%) – Previous (5.7%).

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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