Daily Market Forecast, March 22, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Forex responded quickly and the U.S Dollar lost value against most major currencies. Gold reacted with fast gains upon the U.S Fed’s policy publication.

EUR/USD: Euro Reacts Immediately to U.S Fed Hike

The Euro reacted immediately to the rate hike and outlook from the U.S Federal Reserve – with upwards momentum. The Euro is near 1.2360 versus the Dollar. Manufacturing data will come from the European Union today. However, the Euro will be more influenced by Dollar centric sentiment and traders will need to be alert if they are anticipating a reversal downwards.

Gold: Higher Realms Being Tested Again

Gold launched higher upon the U.S Fed’s pronouncements late on Wednesday. The precious metal is around 1330.00 U.S Dollars an ounce, which is within the higher boundaries of its mid-term range. Speculators may attempt to look for additional upside near term.

GBP/USD: Bank of England Policy Summary Today

The Pound gained solidly late on Wednesday and is close to 1.4150 versus the U.S Dollar. The Bank of England will soon issue their Monetary Policy Summary. The British currency is well within its mid-term range and traders may believe it has an opportunity to add value in the days to come.

Crude Oil: Shortfall in Supply Helps Boost Commodity

Supply numbers from the U.S came in below expectations yesterday and Crude Oil jumped in value. The commodity is above 65.00 U.S Dollars per barrel which has proven a critical resistance point the past few months. Traders looking for more upside should practice solid risk management.

USD/JPY: Yen near Important Support

The Yen got stronger and is near 105.75 against the U.S Dollar. The Japanese currency is near important support. The Nikkei Index has gained this morning even as the Yen has added value. Manufacturing data from Japan published earlier was slightly weaker than expected.

Yaron Mazor is a senior analyst at SuperTraderTV.

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