Daily Market Forecast, March 1, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Pound lost more than 1 percent in value, and the Japanese Yen gained against its major counterparts.

GBP/USD: Brexit implication weights on Pound

Brexit remains the top issue as investors are keen to know what kind of transition arrangement and a long-term relationship will be placed on the table the next couple of months. The Pound has not been able to sustain its value above the 1.40 level against the U.S Dollar. With further selling pressure, Pound-Dollar major pair is expected to test the 1.36 major support level.

Gold: Precious Metal under pressure

Gold has taken a hit the past few days and is near 1320.00 U.S Dollars an ounce this morning. The precious metal is near vital support levels as safe haven theme shifts to the Yen. Gold is testing its mid-term major support level. And courageous speculators may believe the precious metal has the capability to bounce upwards in the near term.

USD/JPY: Yen Gets Stronger on Risk Adverse Trading

The Yen has proven stronger the past day, after initially trading at weaker values on Tuesday. The currency has seen risk adverse sentiment increase as U.S. Growth Data came in below expectation. The Japanese currency is near the 106.00 juncture against the U.S Dollar drifting towards the year lows.

Yaron Mazor is a senior analyst at SuperTraderTV.

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