Daily Market Forecast, August 17, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

EUR/USD: A Re-Test of Highs?

The Euro gained upon the publication of the U.S Federal Reserve’s Meeting Minutes, which showed the U.S central bank’s debate regarding inflation has escalated. The Euro is near the 1.18 level against the U.S Dollar. Investors may continue to look for upside potential from the Euro in the near term with the belief the currency may retest its highs made only two weeks ago.

Gold: Buyers Eye Upwards Momentum

Gold promptly reversed on Wednesday as the U.S Dollar came under pressure. The precious metal is bouncing up against important resistance in early trading this morning. The 1295.00 U.S Dollars an ounce mark could prove to be an important juncture today if bullish sentiment remains strong. Speculators may stay buyers with the thought Gold has another push upwards in the cards.

GBP/USD: Room to Add Value

The Pound reversed from its lows against the U.S Dollar on Wednesday and climbed above the 1.29 ratio. Economic data via the Average Earnings Index from the U.K was positive yesterday and today’s Retail Sales numbers could factor into Pound trading. The British currency has faced headwinds the past week, but may have room to add value in the short term.

Crude Oil:  Selling Trend Springs to Life

Crude Oil dropped below the 47.00 U.S Dollars a barrel juncture as speculators sold the commodity with a big push downwards on Wednesday. While Crude Oil Inventories came in below their forecasts yesterday, the numbers were not enough to stop the recent selling trend which has developed for the energy.

USD/JPY: Yen Reacts with Renewed Strength

The Yen has gotten stronger against the U.S Dollar and broke through important support of 110.00. Trade Balance numbers from Japan showed an improvement this morning, but cautious trading has been seen on the Nikkei Index. The Yen may continue to get stronger in the short term.

Yaron Mazor is a senior analyst at SuperTraderTV.

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