Daily Market Forecast, November 2, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Bank of England is expected to increase its interest rate by a quarter of a point today. The Pound has been stronger early this week but has begun to range trade. The Euro has added fractional value this morning in early trading.

GBP/USD: Traders Venturing Forth as Buyers

The Pound has range traded the past day as investors await the Bank of England’s interest rate decision today. A quarter of a rate increase is expected. The Pound will be volatile as investors await Governor Mark Carney’s guidance, and speculators may look for some upside potential above the 1.33 level against the U.S Dollar.

Gold: Choppy Conditions Dominate

Gold has risen in value over the past day. The precious metal is near 1277.00 U.S Dollars. However, Gold has battered traders who have been trying to follow technical trends as it has produced choppy waters the past two weeks. Gold’s ability to inch higher the past day may be a speculative endeavor based on the belief the U.S Dollar could weaken in the near term.

EUR/USD: Traders Looking for Upside

The Euro has added some fractional value early this morning after range trading early this week. Traders may be tempted to look for upside value if they believe the European currency can continue to reverse higher against the U.S Dollar. The 1.17 level could be important resistance if it comes into play.

Crude Oil: Speculative Footing for Higher Move

Crude Oil lost a bit of value on Wednesday but has maintained the higher realms of its value. The commodity continues to trade above 54.00 U. S Dollars a barrel and may find itself range trading today as it tries to establish a speculative footing for a higher move.

USD/JPY: Yen Remains within Weaker Realms

The Yen remains near the weaker parts of its range against the U.S Dollar as it trades near the 114.00 level. The Japanese currency has drifted weaker early this morning, and it may continue to be sold against the U.S Dollar as the day progresses.

Yaron Mazor is a senior analyst at SuperTraderTV.

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