Yahoo Finance Daily Market Forecast, February 19, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
Important Inflation and growth reports will come from the U.K this week and could impact the Pound. Gold has come under pressure since Friday unable to push through resistance short term.
EUR/USD: Patient Traders Eyeing Italian Elections
The Euro remains within its elevated range against the U.S Dollar and is near 1.2430 early this morning. However, the European currency was pushed backward on Friday when it was not able to break through resistance. Speculators with patience may try to sell the Euro with the belief the Italian election in two weeks may cause concerns and bring on additional downside pressure.
Gold: Another Leg Down for the Precious Metal?
Gold is trading near 1347.00 U.S Dollars an ounce. After experiencing selling on Friday, the precious metal has marginally gained early today. The commodity has not shown the ability to break through resistance, and traders who believe another leg lower is in the cards may attempt to sell Gold near term.
GBP/USD: Big Week of Data for Pound
This is an important week for U.K data as the Bank of England will conduct Inflation Hearings and issue growth numbers one day later. The Pound is around 1.4030 against the U.S Dollar. The sentiment is spotty for the British currency as the Brexit cloud hovers with unsolved riddles, and from overseas the U.S Fed lurks. Short-term traders may look for headwinds near term.
USD/JPY: A Weaker Yen at this Juncture
The Yen has been fairly consolidated, but it has lost marginal value to the U.S Dollar and is near 106.40. The Nikkei Index has advanced briskly with big gains this morning. Trade Balance numbers released from Japan earlier proved strong. Speculators with courage may believe the Yen can get weaker at this juncture.
Crude Oil: Value to Attain in U.S Crude Oil
U.S Crude Oil has jumped in early trading and is above 62.00 U.S Dollars a barrel. The commodity has done well the past week and been able to fight off lows and retrace its mid-term range to higher foundations. Speculators may believe U.S Crude Oil has more value to attain near term.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
