Daily Market Forecast, February 12, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Euro has bounced off support and put in gains. Gold has seen early buying as investors focus on inflation data.

Gold: Speculative Investors Eye Inflation Data

Gold has put in gains as the week has begun. The commodity is near 1323.00 U.S Dollars an ounce. After proving it could sustain important support levels before going into the weekend, buyers have emerged in Gold early this morning. Talk about inflation in the global economy may be spurring on speculative investors.

EUR/USD: Incremental Gains Coming for Euro?

The Euro has risen in value and is around 1.2280 versus the U.S Dollar. After facing plenty of headwinds the past week and a half, short-term traders may be tempted to look for upside with the belief the Euro has the ability to incrementally rise.

Crude Oil: Effect of Shale Production in the U.S

Crude Oil has been hit hard the past week. And while investors may blame broad market volatility on the setback, as the commodity trades below 60.00 U.S Dollars a barrel. The downturn actually may be an effect caused by the massive U.S production the past month in Shale, because Natural Gas is cheaper than U.S Crude Oil around these price levels.

GBP/USD: Inflation Data from U.K This Week

The Pound remains in a tight range and near important support. The British currency is near 1.3865 against the U.S Dollar. Important data will come from the U.K this week including inflation and retail figures. The Pound remains within a Dollar centric mode and traders may attempt technical forays short term.

USD/JPY: In Search of Potential Weakness

Japan is on holiday today. The Yen remains in a consolidated range and near important support. The Japanese currency is near 108.65 against the U.S Dollar. And traders may attempt speculative trades in the search for potential weakness to emerge if investor sentiment starts to stabilize in equities near term. Meaning they may attempt to buy the U.S Dollar against the Yen.

Yaron Mazor is a senior analyst at SuperTraderTV.

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