Yahoo Finance Daily Market Forecast, November 20, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
The Euro has been sold off this morning as investors react to the failure of coalition talks in Germany, which have put Angela Merkel’s leadership into question. Gold has sustained its gains made late last week and will be speculative in the coming days if political anxiety mounts.
EUR/USD: Investors React to German Political Crisis
The Euro has slammed lower early this morning upon the surprise failure of coalition talks in Germany. Angela Merkel’s hold on leadership is in doubt and investors have reacted by selling the European currency. The Euro is fluttering above 1.17 against the U.S Dollar and speculators may be tempted to look for lower Euro values near term.
Gold: Risk Adverse Traders Step In
Gold went on the weekend with gains and has maintained its value at 1292.00 U.S Dollars an ounce. Political uncertainty in Germany could factor into risk adverse trading and help bolster the precious metal. However, traders should take into consideration Gold may have strong resistance ahead. Nevertheless, the precious metal may prove a tempting buy for the moment.
USD/JPY: Nervousness Bolstering the Yen
The Yen continues to remain strong and is near 112.00 against the U.S Dollar in early trading. Asian equity Indexes have proven cautious this morning and traders may continue to sell the U.S Dollar against the Yen if the global broad markets remain nervous.
Crude Oil: Incremental Gains in Crude Oil
Crude Oil is above 56.00 U.S Dollars a barrel as support proved strong late last week. U.S Crude Oil may be ready to retest highs made a couple of weeks ago and speculative elements are also keeping an eye on the upcoming OPEC meetings which will take place the end of November.
GBP/USD: Headwinds as Short Term Worries Mount
The Pound has been under pressure as a reaction to the weakness in the Euro. The U.S Dollar has gained against the British currency as worries about European and U.K political stability cause anxiety. The Pound is near 1.32 against the U.S Dollar and may face more headwinds short term.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
