Yahoo Finance Daily Market Forecast, February 22, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
The Pound and Euro have been weaker against the U.S Dollar. Gold saw whipsaw results on Wednesday.
GBP/USD: Headwinds May Continue for Pound
The Pound has remained choppy against the U.S Dollar and its trading conditions have been challenging the entire week. The British currency was brought to new short-term lows on Wednesday, and today traders will get Gross Domestic Product results from the U.K to consider. Headwinds may continue for the Pound.
Gold: Abrupt and Unstable Price Swings
Gold remains embattled and after briefly climbing after the Fed’s Meeting Minutes report late on Wednesday, it was abruptly sold again. The precious metal continues to fight against a stronger U.S Dollar, and Gold’s rather unstable conditions may continue near term.
Crude Oil: U.S Crude Oil Inventories Today
U.S Crude Oil came under late pressure on Wednesday. Crude Oil Inventories data will be released today, but the commodity appears to be within a tight range in which speculators are reacting to technical mechanisms. Traders may continue to look for upside from U.S Crude Oil with the belief a reversal upwards is in the cards, but they should be very careful today.
USD/JPY: Yen Remains under Influence of the Federal Reserve
The Yen remains within its weaker stance against the U.S Dollar. While some traders may believe the Bank of Japan will eventually have to become more aggressive, it is the Federal Reserve in the States which continues to be hawkish in reality. The Yen may be able to challenge weaker levels near term.
EUR/USD: Euro Sinks as Fed Report Digested
As the Federal Reserve’s Meeting Minutes report was digested late on Wednesday the Euro began to lose steam against the U.S Dollar. The ECB will release its own Monetary Policy Meeting Accounts today and it will be read over carefully by investors. The Euro may remain under pressure today.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
