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

EUR/USD: Euro’s Assault Marches On

The Euro’s assault on the U.S Dollar continued on Monday as the currency marched to new highs. The Euro is trading above the 1.18 mark and has proven the ability to break through short term resistance consistently. Manufacturing sector data will come from the European Union today. Traders may be nervous about a pullback in value from the Euro, but its trend continues to provide momentum and it could prove dangerous to stand in its way.

GBP/USD: Pound Gains against Vulnerable U.S. Dollar

The Pound joined other major currencies as it also gained solidly against the U.S Dollar. The Pound is above the 1.32 level against the vulnerable U.S Dollar. The Bank of England will make their policy summary presentation on Thursday. The negative sentiment surrounding the U.S Dollar may continue to spur buying short term for the Pound.

Crude Oil: A Better Outlook for Crude Oil

Crude Oil broke above the 50.00 U.S Dollars a barrel level late on Monday, and has sustained its gains early today. The commodity has shown good short term strength and speculators have seemingly shifted their trading positions to a more positive outlook. And traders should keep in mind, Crude Oil supply numbers will come from the U.S tomorrow.

Gold: Gold Remains Strong

Gold has stayed strong as its remains near the 1275.00 U.S Dollar an ounce mark. The precious metal has experienced a strong run up in value as traders continue to wager the U.S Federal Reserve’s monetary policy will become less aggressive.

USD/JPY: Yen Keeps Pace

The Yen has kept its pace against the U.S Dollar and is approaching the 110.00 support level. The strength in the Japanese currency reflects the global pressure investors have put on the U.S Dollar the past couple of weeks.

Yaron Mazor is a senior analyst at SuperTraderTV.

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