Daily Market Forecast – Oil Prices Jump on Trump’s Decision

EUR/USD: Euro Weakness Extends Again

The Euro has weakened and is well below the 1.19 juncture versus the U.S Dollar this morning. Important inflation data will come from the States today and tomorrow, and it appears Euro weakness may continue near term. However, important long-term support still lurks for traders.

Gold: Patience Needed in Gold Market for Speculators

Gold is near 1310.00 U.S Dollars per ounce. Even as growing geopolitical tension increases the precious metal value remain muted. This is because the U.S Dollar remains a magnate short term. Traders looking for a reversal higher in Gold will need patience.

Crude Oil: Looking for Additional Value

U.S Crude Oil rose after President Trump’s announcement the U.S is going to pull out of the Iranian nuclear deal. The commodity is above 70.00 U.S Dollars a barrel. Traders looking for additional strength in Crude Oil may be tempted to remain buyers even as the energy creates new highs.

USD/JPY: Average Cash Earnings Jump in Japan

The Nikkei Index has lost ground this morning, but the Yen has also lost value in the past twelve hours and is near 109.50 against the U.S Dollar. Average Cash Earnings jumped in Japan per data released this morning which will get the attention of investors. The Yen is near important resistance.

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GBP/USD: Pound Loses More Value

The Pound lost slight value on Tuesday and is trading near 1.3525 this morning. The Bank of England will make their monetary policy decision on Thursday public and it is expected to be passive. The Pound is near important long-term lows, but traders may be tempted to sell short term.

Yaron Mazor is a senior analyst at SuperTraderTV.

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