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Markets Await Donald Trump's News Conference

ICM Capital

On Tuesday, Oil prices continued their decline, as USD settled and as investors diminished their hopes that OPEC is unlikely to enforce its deal cut.

Oil prices were negatively affected by the U.S. government’s decision, as it has been approved to sell $375 million worth of crude oil from the country's emergency reserve this winter, for the first time since the 1973 Arab-Israeli War.

Oil prices fell as much as 2.5% yesterday and U.S. crude settled below $52. Technically, prices could decline further during the day and touch the psychological level of $50.

Elsewhere, markets are awaiting the first conference for the President-elect of the United States since 8th November.

The U.S. dollar index settled at 102 amid anticipation of the Donald Trump's long-awaited news conference, which will be held tomorrow.

Technically, the yellow metal could affected widely by such conference.

Gold prices rose yesterday and settled at $1,187. Technically, it could re-test the resistance of $1,190 by the end of the day.

The Sterling pound fell to a two-and-a-half-month low to settle at $1.21. On the other hand, a top Republican in the US Senate, said, Britain will be in the "front seat" to negotiate a new trade deal with the incoming Trump administration.

Markets are awaiting an important release from the UK, which is industrial production in November.

Euro declined to $1.0660 rebounding from $1.06 as markets await Donald Trump's news conference. Technically, the common currency could trade flat during the day.

The most important economic events:

USD DOE U.S. Crude Oil Inventories (JAN 6): (GMT 17:30) – Medium -

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.

Source: https://www.icmcapital.co.uk/news/company/2017-01-11/
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