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

The Yen has continued to grow weaker as the Nikkei Index has surged again this morning. Risk appetite among Asian investors continues to show strength. The Euro has languished and remains near important support.

USD/JPY: Nikkei Index Surging this Morning

The Yen has broken through important resistance as it has grown weaker against the U.S Dollar. The Yen is above the 113.00 juncture. The Nikkei Index has surged upwards again this morning, and the Japanese currency may continue to be a focal point. Risk appetite appears strong among Asian investors, and the U.S Dollar may continue to be strength against the Yen in the short term.

EUR/USD: Potential Reversal Alluring

Manufacturing readings from the European Union met expectations yesterday. However, the Euro continued to experience headwinds and is only slightly above the 1.17 mark against the U.S Dollar. The week-long selloff of the Euro may look alluring to traders who believe a reversal will develop for the European currency, but cash management and patience will be vital.

Gold: Downside Momentum Speculative

The precious metal lost incremental value on Monday and is trading near 1270.00 U.S Dollars an ounce with pressure remaining on the commodity. The recent strength of global equities and the U.S Dollar have created a wave of selling, and Gold could continue to see speculators look for downside momentum.

Crude Oil: U.S. Crude Oil Slips Lower

Crude Oil has slipped from its highs as it has begun to show signs of downside pressure. The commodity is above 50.00 U.S Dollars a barrel. U.S Crude Oil has traded within a long-term consolidated range and traders may be tempted to now start looking for more selling opportunities.

GPB/USD: Pound Falls Through Support

The Pound has fallen through important support. Manufacturing figures from the U.K came in below expectations yesterday. And the Pound is traversing near the 1.3240 level against the U.S Dollar. Construction data will come from Britain, and the Pound may see speculators attempt buying positions today.

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.