The U.S Dollar has weakened against most major currencies. The Euro and Yen have seen increased buying momentum the past day. Gold has sustained its gains
The U.S Dollar has weakened against most major currencies. The Euro and Yen have seen increased buying momentum the past day. Gold has sustained its gains and is testing resistance.
The Euro continued its rebound on Tuesday as it gained against the U.S Dollar and is now trading slightly below the 1.18 level. The Euro has faced headwinds for several weeks, but the past few days have seen traders begin to climb back into the European currency with capable buying power, and they may continue to believe higher values can be attained.
As nervousness grows among global equity investors, Gold’s basic allure as a safe haven may become an increasing factor. The precious metal is trading near 1283.00 U.S Dollar’s an ounce and has continued to put dents into resistance. Gold may be able to produce additional gains short term.
The Yen has strengthened against the U.S Dollar. Selling fever has increased on the Nikkei Index and as caution has prevailed on the equity market, the Japanese currency has become stronger. The Yen is approaching the 113.00 juncture against the U.S Dollar and may challenge support levels below.
Crude Oil has come under pressure the past day and is trading below 56.00 U.S Dollars a barrel. Global supply is again becoming a talking point. Supply data from the U.S will come from the States today. Crude Oil is displaying the earmarks of a commodity ready for volatility and risk management is advised.
The Pound is trading near 1.3140 and continues to battle consolidated trading conditions. Inflation data from the U.K was mixed yesterday. The Pound may begin to attract traders who believe it is undervalued against the U.S Dollar and have the ability to be patient.
Yaron Mazor is a senior analyst at SuperTraderTV.
SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.
Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology, and education.