Daily Market Forecast, February 13, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
The Pound remains under pressure as critical inflation data is ready to be published today. The Yen has been stronger against the U.S Dollar.
Gold: Precious Metal Consolidated as Bulls Lurk
Gold remains entrenched around 1325.00 U.S Dollars an ounce. After gaining early yesterday the precious metal has experienced a rather consolidated range. Investors may be using the whispers about rising inflation globally as a reason for remaining bullish.
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GBP/USD: Inflation Data Today the Trigger for Pound
The Pound has stayed in a tight range and is near 1.3850 versus the U.S Dollar. The British currency has not fought back since losing value nearly a week and a half ago and remains under pressure. Important inflation data will come from the U.K today and will be a trigger point for volatility. Some speculators may be looking for a reversal upwards.
USD/JPY: Yen Surprisingly Strong Early
The Yen has gotten stronger this morning as Japanese investors have returned from their holiday. Perhaps, surprisingly too, Japanese equities have been lackluster early and have not reacted positively yet to the turnaround on Wall Street. The Yen is near 108.35 against the U.S Dollar and should be watched carefully.
EUR/USD: Slow Climb Back to Higher Range
The Euro has strengthened against the U.S Dollar with a slow climb. The European currency is near the 1.23 juncture and has shown the ability to gain. Even as talk about a more aggressive U.S Federal Reserve continues, the Euro has managed to stay within its higher-tiered range, although it still far below its highs made only two weeks ago.
Crude Oil: Still within Loftier Long-Term Range
Crude Oil is below 60.00 U.S Dollars a barrel. And there is a growing discussion between Crude Oil backers who say the commodity will expand its demand and those who say production of Natural Gas will keep Crude Oil under wraps. Although U.S Crude Oil has stumbled the past week, it has maintained it loftier long-term range.
Yaron Mazor is a senior analyst at SuperTraderTV.
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