Trading news

Gold Trades at Three-Month High

USD
The Greenback settled yesterday, but was still affected by the weak data that enforced it to trade below its lowest level in four weeks. The U.S. dollar index settled at 99.85, negatively affected by lack of U.S. economic data.

Gold
Gold prices settled at $1,235, just below the 11-week high, due to the recent political uncertainty between the U.S. and Europe. The precious metal could touch new highs, with the opportunity to test $1,225.

Euro
Euro settled at $1.0750, despite the strong data of German factory orders. Its likely, Euro will be negatively affected if the French right-wing wins the election. Particularly, the European Union would end with the success of first people's testimony to leave the Euro.

JPY
USD fell to ¥112, with traders shifting to safe-haven assets due to the recent political tensions. Technically, the Greenback could face strong support at ¥111, but breaking such levels could lead to further declines.

Oil
Oil prices fell yesterday as much as 1%, negatively impacted by rising the U.S. supplies and rising tensions between Washington and Tehran. U.S. crude settled bellow $53 and could be affected by the recent tensions between Iran and the U.S.

The most important economic events:

USD JOLTS Job Openings (DEC): (GMT 17:00) – Medium – Forecast (5569) – Previous (5522).
CAD Ivey Purchasing Managers Index SA (JAN): (GMT 17:00) – Medium – Forecast (N/A) – Previous (60.8).

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

Tuesday, 07 Feb, 2017 / 12:40

Note: Company News is a promotional service of the Directory and the content isn't created by Finance Magnates.

Source : http://www.icmcapital.co.uk/news/company/2017-02-07/

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