Daily Market Forecast, July 3, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

GBP/USD: Bank of England Rumblings Help Pound

The Pound starts Monday near the 1.30 level against the U.S Dollar after making solid gains last week in a consistent fashion. The U.K will issue a handful of Purchasing Managers Index reports in the coming days, starting today with the Manufacturing PMI. Rumblings via the Bank of England about the potential of interest rates hikes in the mid-term have helped the Pound. Traders may continue to buy the British currency in the short-term.

Gold: Speculative Battleground

Gold has remained under pressure early this morning and slipped to new lows. The precious metal may find the 1235.00 U.S Dollars an ounce ratio important short term. Gold has been volatile and its inability to hold onto gains last week could be sparking further volatility. The precious metal will remain a speculative battle ground in the days to come.

EUR/USD: Looking for Upside Momentum

The Euro has given back some slight value early this morning, but remains near the 1.14 mark against the U.S Dollar. The European currency has enjoyed positive momentum against the U.S Dollar in the short term and today’s early headwinds may be brushed aside by traders who could continue to look for upside momentum.

Crude Oil: Reversals, Oversupply and Consolidation

Crude Oil has sustained the gains it made late last week. The 46.00 U.S Dollars a barrel price may remain a focal point short term. However traders are likely not done speculating on reversals. Crude Oil has seen a consolidated range for a long time and oversupply concerns are not going to evaporate in the near future.

USD/JPY: Political Winds in Tokyo

The Yen has range traded against the U.S Dollar early this morning, but remains solidly above the 112.00 juncture. Japan released better than expected Manufacturing results today, but political ill winds also developed in Tokyo. Traders may continue to test the Yen’s short term range against the U.S Dollar.

Yaron Mazor is a senior analyst at SuperTraderTV.

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