Daily Market Forecast, October 9, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Euro and Pound have been slightly stronger against the U.S Dollar this morning as ranges have stayed tight. Gold, however, has put in solid gains early this morning as speculative forces have driven the precious metal higher with sudden force.

EUR/USD: Investors May Be Skittish with Euro

The Euro has been stable in early trading this morning and is above the 1.17 level against the U.S Dollar. The European currency put in a slight gain on Friday after the U.S jobs number publications. However, investors may remain skittish regarding the Euro today as worries about political uncertainty in Catalonia, Spain persist.

Gold: Signs of Buying Power

Gold has gained strongly this morning, as risk adverse trading has potentially combined with speculators who saw a glimmer of inflation creep into economic data from the States before going into the weekend. The precious metal is near 1283.00 U.S Dollars an ounce. Gold has reversed from its lows last week and is showing signs of buying power.

GBP/USD: Pound Hit by U.K. Political Unease

The Pound is below the 1.31 level against the U.S Dollar but has seen a slight increase in its value this morning. However, the Pound continues to lurk near important support levels as political uncertainty surrounding Prime Minister Theresa May may be causing some unease.

Crude Oil: Testing Lows on Reversals

Crude Oil dipped before going into the weekend and remains below 50.00 U.S Dollars a barrel. The commodity’s consolidated range has shown its force the past few trading sessions as U.S Crude Oil has reversed off of highs and now appears to be set to test short-term lows.

USD/JPY: Yen Relatively Quiet Past Week

The Yen has been relatively quiet the past few trading sessions and experienced traders may be nervous about the potential for a breakout. The Nikkei Index is looming near highs and the Yen stability may be a signal it is ready to make a move. The Yen remains below 113.00 against the U.S Dollars and range trading may persist today.

Yaron Mazor is a senior analyst at SuperTraderTV.

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