General News

Oil Prices Hit Highest level Since Dec 2014

10th January 2018
USD
On Wednesday, the Greenback failed to manage its gains and declined slightly vs. a basket of major currencies and fell to 6-Week Lows vs. Yen, after the Bank of Japan trimmed its government bond (JGB) purchases in the prior session, sparking speculation that it would ease its massive monetary stimulus later this year.
• The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.13% at 92.11 pips.
EUR
The Single currency fell vs. the U.S. dollar as traders took profits after its rally at the start of the year amid worries that the ECB may attempt to talk down the strengthening common currency ahead of its monetary policy meeting later this month. The Euro rose slightly by 0.07%, to settle at $1.1944.
GBP
The Sterling pound fell by 0.12%, to settle at $1.3524. On the release front, traders are awaiting the UK Industrial Production (YoY), which is expected to hit 1.8% from 3.6%.
JPY
Against the JPY, the Greenback fell by 0.78%, to settle at ¥111.77. The Japanese Yen extended gains, after the BOJ trimmed the size of its bond purchases in the previous session.
Gold
Gold prices declined due to a surge in U.S. Treasury yields and an ongoing rally in equities dented the yellow metal’s safe-haven appeal. However, traders should remember that what really matters for gold are real interest rates, as higher rates could dent demand for non-interest-paying gold. Gold Futures – Feb 18 (GCG8), rose as much as 0.11%, to settle at $1,315.20.
Oil
Earlier today, oil prices touched their highest levels since 2014 due to ongoing production cuts led by Russia and OPEC as well as high demand. On the release front, investors are awaiting the U.S. Crude Oil Inventories (JAN 05), which is expected to hit -3414k from -7419k.
Crude Oil WTI Futures – Feb 18 (CLG8) rose as much as 0.68% at $63.39 and Brent Oil Futures – Mar 18 (LCOH8) was up by 0.44% at $69.12.
The most important economic events:
• GBP Industrial Production (YoY) (NOV): (GMT 09:30) – Medium – Forecast (1.8%) – Previous (3.6%).
• GBP Construction Output SA (YoY) (NOV): (GMT 09:30) – Medium – Forecast (-1.0%) – Previous (-0.2%).
• USD Import Price Index ex Petroleum (MoM) (DEC): (GMT 13:30) – Medium – Forecast (0.1%) – Previous (0.1%).
• USD DOE U.S. Crude Oil Inventories (JAN 05): (GMT 15:30) – Medium – Forecast (-3414k) – Previous (-7419k).
We wish you all the best in your trading activities. For any further assistance, please do not hesitate to contact us at clientservices@ICMCapital.co.uk

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