Daily Market Forecast, December 14, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Federal Reserve surprised no one when they hiked their interest rate by a quarter of point yesterday. The Pound and Euro responded with gains. The Bank of England and European Central Bank will release their monetary statement today.

GBP/USD: Pound Jumps Higher on Hike

The Pound jumped higher on Wednesday as traders reacted to the interest rate hike from the U.S Federal Reserve. Today the Bank of England will release their monetary summary. The Pound is above the 1.34 level against the U.S Dollar, and will see fast conditions again as investors’ position themselves for more central bank reverberations.

Gold: A Bounce Upwards for Precious Metal

Gold reacted with a bounce upwards upon the Fed’s hike via its interest rate. The precious metal is near 1260.00 U.S Dollars an ounce. Speculators will get another dose of impetus today, but Gold may be more restrained and traders might attempt to look for reversals downward.

EUR/USD: A Speculative Buy for Traders

The Euro is above 1.18 against the U.S Dollar. Traders began buying the European currency and sustained their advance upon the U.S monetary policy release. The Euro will react to today’s Press Conference from European Central Bank President Draghi. The Euro remains a speculative buy for many traders.

USD/JPY: Yen May Continue to Test Support

The Yen has gotten stronger as investors have reacted to the increase in interest rates from the U.S Federal Reserve. The Yen is above 112.00 against the U.S Dollar and may continue to test support as the day develops.

Crude Oil: U.S Crude Oil Slips on Speculative Selling

Crude Oil continued to slip on Wednesday as traders followed momentum downwards. The commodity is under 57.00 U.S Dollars a barrel and speculative market participants may seek additional selling opportunities in the near term with a belief more weakness will develop for U.S Crude Oil.

Yaron Mazor is a senior analyst at SuperTraderTV.

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This article was originally posted on FX Empire

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