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Gold Stands Tall

ICM Capital

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Euro

Euro traded under pressure yesterday, as Marine Le Pen, the head of the French far-right Front National party, said she would urge European leaders to ditch the euro and return to national currencies if she wins. Although, the common currency settled at $1.07, the negative outlook still dominates.

USD

The U.S. dollar index declined yesterday and settled at 100 pips.

JPY

The Greenback fell to ¥112 yesterday, but could face a support at ¥111.50, in anticipation of the upcoming meeting between Prime Minister Shinzo Abe and the U.S. President Donald Trump.

The Greenback was negatively affected by the recent political uncertainty between Europe and the U.S. While investors are heading towards safe-haven assets as the new U.S. administration is willing to undermine the dollar.

Gold

Gold touched new highs and settled at $1,245 yesterday, thanks to the recent political uncertainty in Europe. Technically, the yellow could hit $1,260 due to the uncertainty over Europe's political outlook.

Oil

Oil managed to pare yesterday’s losses, but is still far away from the gains, which it achieved at the beginning of the week. Oil prices fell yesterday after data showed China's 2016 oil demand grew at its slowest pace for more than three years.

The most important economic events:

CAD New Housing Price Index (YoY) (DEC): (GMT: 15:30) – Medium – Forecast (N/A) – Previous (3.0%).
USD Initial Jobless Claims (FEB 04): (GMT: 15:30) – Medium – Forecast (249k) – Previous (246k).
USD Wholesale Inventories (DEC F): (GMT: 17:00) – Medium – Forecast (1.00%) – Previous (1.00%).

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.

ICM Capital Limited Review

Source: https://www.icmcapital.co.uk/news/company/2017-02-09/
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