GBP/USD: Pound Continues to Gain
Bank of England Governor Mark Carney said the U.K central bank is prepared for all scenarios regarding Brexit ramifications yesterday. The Pound gained against the U.S Dollar and has traversed above the 1.28 mark. Mark Carney will be speaking again today in Portugal. The Pound has done well early this week, and traders looking for reversals because they feel the British currency has gained too much recently should be very cautious.
Gold: More Room to Advance
Gold has continued to range trade and the 1253.00 U.S Dollars an ounce price appears to be a magnate for traders. The precious metal will continue to see volatility as global central bank leaders deliver speeches today. However, traders may be gaining some confidence in the Gold market and may speculate the commodity has more room to advance.
EUR/USD: Euro Surges Higher on Draghi Comments
European Central Bank President Mario Draghi thrust himself into the spotlight on Tuesday as he proclaimed the ECB would likely begin to tighten monetary policy in 2018. The Euro had a strong day against the U.S Dollar and is comfortably above the 1.13 level, and investors seem intent on testing higher values. Traders may continue to view the Euro as a buying opportunity in the short term.
Crude Oil: Supply Numbers and Resistance to be Tested
Crude Oil Inventories will come from the States today. The price of the commodity has risen and is above the 44.00 U.S Dollars a barrel juncture. Speculative traders may want to test this week’s early gains, but risk management needs to be secure because Crude Oil may be looking to test short term resistance.
USD/JPY: Short Term Caution Could Be Seen
The 112.00 level for the Yen against the U.S Dollar remains an important short term level. Bank of Japan Governor Kuroda will be speaking in Portugal today. Kurdoda’s remarks will be of interest today during the central bankers’ forum. The Yen renewed weakness against the U.S Dollar may get tested today by traders who think short term caution in the equities markets could reduce risk appetite.
Yaron Mazor is a senior analyst at SuperTraderTV.
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