Daily Market Forecast, February 8, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Bank of England is on the schedule today. Gold has lost value and is near important support levels.

EUR/USD: A Recalibration of Positions

The Euro stayed under pressure on Wednesday and is near 1.2260 versus the U.S Dollar. Investors continue to recalibrate their portfolios based on the assumption the U.S Federal Reserve will remain aggressive. The Euro has lost a considerable amount of value since late last week. Traders looking for reversals upwards for the Euro will need to be patient.

Gold: Precious Metal Relinquishes Higher Values

The precious metal relinquished higher values to the strong U.S Dollar yesterday. Gold is near 1312.00 U.S after slumping and remains under a sea of pressure. While investors may believe inflation is showing its teeth and will eventually be reflected in the price of Gold, short-term traders have proven nervous and may be abandoning the commodity.

GBP/JPY: Bank of England on the Plate

The Pound lost additional ground to the U.S Dollar and is below the 1.39 level. The Bank of England will present its monetary policy summary today, but it is expected to be dovish. Traders of the British currency will have to be careful in the coming hours and expect potentially fast conditions.

Crude Oil: Will U.S Crude Oil Recover Near Term?

Crude Oil got slugged on Wednesday and selling has put the commodity near 61.50 U.S Dollars a barrel. After finding new devotees the past few months, U.S Crude Oil has been put under pressure as global markets boil. However, this may prove an interesting time for speculators who believe Crude Oil will recover near term.

USD/JPY: Yen’s Tight Range Raises Questions

The Yen has been in a rather consolidated range compared to other major currencies against the U.S Dollar. The Yen remains within its stronger boundaries near 109.50 and has interesting questions hovering. Traders may look at the Yen and believe it can weaken further based on the performance of other major currencies and its technical insights mid-term.

Yaron Mazor is a senior analyst at SuperTraderTV.

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