On Monday, the Greenback settled vs. a basket of major currencies, after rallying on Friday, as a stronger than expected U.S. jobs report supported anticipations for a faster pace of rate rises by the Federal Reserve in 2018. An official data showed that the U.S. Labor Department showing wages last month recorded their largest annual gain in more than eight-and-a-half years. On the release front, traders are awaiting the U.S. ISM Non-Manufacturing/Services Composite (JAN), which is expected to hit 56.6 from 55.9.
The Single currency rose slightly by 0.03%, to settle at $1.2460. on the release front, market players are awaiting EUR ECB's Draghi in European Parliament in Strasbourg due later in the day.
The Sterling pound rose by 0.02%, to settle at $1.4116. No major reports are due from the UK today.
Against the JPY, the USD fell by 0.27%, to settle at ¥109.86.
Gold prices declined, negatively affected by a strong U.S. data, after the U.S. Labor Department reported a stronger-than-forecast 200k rise in January non-farm payrolls. Market players are now adjusting to the this year. Gold Futures - Feb 18 (GCG8), rose slightly by 0.04%, to settle at $1,337.90.
Early on Monday, oil prices fell, as investors weighed a steady increase in U.S. output vs. OPEC's and non-OPEC ongoing efforts to drain the market from surplus supplies. Looking to the week ahead, trades will eye new weekly information on U.S. inventories of crude and refined products on Tuesday and Wednesday to measures the strength of demand in the U.S.
Crude Oil WTI Futures - Feb 18 (CLG8) rose as much as 0.60%, to settle at $65.06, and Brent Oil Futures - Mar 18 (LCOH8) was up by 0.71% at $68.09.
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.