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

EUR/USD: Euro Strength Consistent

The Euro has climbed higher against the U.S Dollar and the 1.15 level is beginning to look like it may get tested. U.S Federal Reserve hearings will take place before Congress today regarding monetary policy, and Janet Yellen’s comments will affect forex markets. The Euro has been consistently strong in the near term, and investors may choose to believe it has higher values to attain.

Gold: Yellen Testimony Will Affect Gold

Gold has climbed in the past twenty-four hours as speculators have shown a willingness to buy. The precious metal in early trading this morning is near 1218.00 U.S Dollars an ounce. Gold will likely see volatility later today as Federal Reserve Chairwoman Janet Yellen begins her testimony. Traders need to be ready for a broad range in the Gold market.

Crude Oil: U.S. Crude Oil Inventories Data Today

Crude Oil has climbed off of its lows and is above 45.00 U.S Dollars a barrel. Supply numbers for Crude Oil will be published in the U.S today. Traders may continue to follow the commodity’s short term trend upwards as a speculative move, but they will need risk management in place.

USD/JPY: Range of Yen Remains Consolidated

The Yen has traded slightly weaker against the U.S Dollar the past day, but has remained in a rather consolidated range. The Japanese currency will get stirred by developments afar as U.S Fed Chairwoman Janet Yellen speaks about Fed policy in Washington today.

GBP/USD: Pounds Weak Trend Worrying

The Pound has been weaker against the U.S Dollar as political concerns and rather lackluster economic data have hurt the British currency. The 1.28 level now looks like it may be a focus for the Pound against the U.S Dollar. The Pound’s weak trend should be monitored closely.

Yaron Mazor is a senior analyst at SuperTraderTV.

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