General News

Market Awaits ECB’s Draghi’s Speech

February 5, 2018
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 U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.11% at 88.94.
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:
• USD ISM Non-Manufacturing/Services Composite (JAN): (GMT 15:00) – Important – Forecast (56.6) – Previous (55.9).
• EUR ECB’s Draghi in European Parliament in Strasbourg: (GMT 16:00) – Important.
We wish you all the best in your trading activities. For any further assistance, please do not hesitate to contact us at

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *