EUR/USD: Euro Attracting Investors in Near Term
The Euro has climbed in early trading this morning and remains near the 1.14 mark against the U.S Dollar. Friday’s trading in forex provided a large range for speculators to take advantage of and the European currency managed to remain within its higher values after the solid jobs number report from the States. The Euro may continue to attract investors interested in buying the currency in the near term.
Gold: Precious Metal Remains Vulnerable
Gold has opened Monday’s trading with limited gains in Asia, but the sell off from last Friday remains the talking point. The precious metal is near 1205.00 U.S Dollars an ounce and remains vulnerable. Volatility is likely to continue early this week, particularly if global equity markets show increased risk appetite.
Crude Oil: Energy Sector Well Supplied
Crude Oil continues to experience headwinds. The commodity is near important support levels and is hovering around the 44.00 U.S Dollars a barrel. The energy sector remains saturated with supply from a wide source of products including Natural Gas. Crude Oil may continue to face pressure and traders should continue to look for downside reversals in the short term.
USD/JPY: Risk Appetite in Equities Weakens Yen
The Yen has proven interesting in early trading today. The Japanese currency has weakened further against the U.S Dollar and is above the 114.00 mark. Economic data from Japan this morning was negative including the Core Machinery Orders figures, but the Nikkei Index has seen increased risk appetite as global equities look firm.
GBP/USD: Pound Sinks after Solid Jobs Number from States
The Pound became a roller coaster on Friday. After making solid early gains, the British currency sold off when the good jobs data from the U.S emerged. The Pound is near the 1.29 level against the U.S Dollar. Economic data from the U.K proved disappointing last week. A test of the Pound’s range should be expected today.
Yaron Mazor is a senior analyst at SuperTraderTV.
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