Yahoo Finance Daily Market Forecast – Markets Respond to US Economic Data
The U.S Dollar gained slightly Tuesday after data misses from the U.K and Germany.
GBP/USD: Relative Strength for Pound Continues
Inflation data from the U.K was weaker than expected via the Average Earnings Index, but today the Consumer Price Index will be released and make an impact. The Pound has stayed relatively strong as it trades near 1.43 versus the U.S Dollar. Traders may look for additional strength from the British currency short term.
Gold: Solid Value even as Inflation Remains Muted
Gold’s range has been steady and is near 1345.00 U.S Dollars an ounce. The higher price for the commodity, as global inflation data has proven rather lackluster raises questions. Strong resistance is abundant around the 1355.00 level, but speculators may continue to look for some upside value.
U.S Crude Oil: Values Stay Locked with Higher Realms
U.S Crude Oil Inventories will be released today. The price of Crude Oil has been fairly consolidated in the footsteps of geopolitical tension. However, supply and demand are the predominant factors again for U.S Crude Oil. The commodity may look expensive but is locked within the higher realms of its range – slightly below 67.00 U.S Dollars a barrel.
USD/JPY: Wait and See Approach from Traders
The Yen has lost incremental value versus the U.S Dollar as it trades near 107.30. The Nikkei Index has put in solid gains this morning and investors appear risk-friendly. Japanese Prime Minister Abe will be meeting with President Trump in Florida today, and this may fuel Yen weakness near term if a positive outcome is pronounced.
EUR/USD: Euro Stays Robust as Germany Disappoints
The Euro has maintained its stronger value, even in the wake of disappointing ZEW Economic Sentiment figures from Germany yesterday. The Euro is near 1.2375 versus the U.S Dollar and traders may believe the European currency will remain strong.
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.
This article was originally posted on FX Empire
