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Daily Market Forecast, March 13, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Yaron Mazor

The Yen, Euro, and Pound have been stronger. Gold has made gains as the U.S Dollar has become slightly weaker.

EUR/USD: Euro Gets Burst of Energy

The Euro responded to the rather lackluster inflation data from the U.S with strength. The European currency is trading near 1.24 versus the U.S Dollar. Resistance has proven strong mid-term near the 1.25 level, while support short-term looks to be around the 1.23 juncture. Speculators may be tempted to look for additional upside in the coming days from the Euro.

Gold: Precious Metal Influenced by Weaker U.S Dollar

While inflation numbers from the U.S were unimpressive, Gold, in fact, has climbed in value and is near 1327.00 U.S Dollars per ounce. The U.S Dollar has been weaker and this has helped influence the precious metal higher. Traders may continue to look for added value, but should keep in mind resistance has proven tough recently near 1334.00 U.S Dollars.

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GBP/USD: Pound Gains on a Couple of Factors

The Pound responded with gains upon the publication of the U.S CPI data yesterday. Another factor was the rather upbeat economic outlook from Phillip Hammond, the Chancellor of the Exchequer, delivered yesterday. While some may believe Hammond’s speech was politically based, the Pound is within shouting distance of 1.40 versus the U.S Dollar this morning.

USD/JPY: Stronger Yen as Known Support Lurks

The Yen has been slightly stronger against the U.S Dollar this morning and is near 106.40. The Japanese currency has plenty of support near 105.75. The Nikkei Index has been negative this morning and Asian equities have been under pressure across the continent.

Crude Oil: Headwinds Prevail but Upside Potential Remains

U.S Crude Oil has continued to battle some headwinds and is below the 61.00 U.S Dollars a barrel level. Crude Oil Inventories data will come from the States later today and a shortfall in supply has been suggested by some analysts. Traders may want to contemplate a buying position of Crude Oil as a near-term speculative maneuver.

Yaron Mazor is a senior analyst at SuperTraderTV.

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This article was originally posted on FX Empire