Gold remains within the weaker frontier of its mid-term range. U.S Crude Oil came off Friday’s highs as traders may have cashed out winning positions.
EUR/USD: Forex Awaits U.S Inflation Data
For those who walked away from their trading terminals yesterday and didn’t look at the Euro versus the U.S Dollar, you may believe forex was closed on Monday. In fact, it wasn’t, the flat session which left the Euro nearly unchanged occurred as a large number of investors wait for today’s inflation data from the U.S which will impact the markets. Speculators may look for upside from the Euro, but they should be careful.
Gold: Calms Conditions Could Change Rapidly
Gold is near 1320.00 U.S Dollars an ounce. The precious metal saw a rather quiet but weakened range yesterday and is hovering above key support levels. Although market conditions have been calm, traders should be ready for potential volatility to develop later.
U.S Crude Oil: Patience Needed in Crude Oil
Crude Oil gave back some of its gains on Monday that it had made before going into the weekend. The commodity is above the 61.00 U.S Dollar level, and while speculators may believe there is upside value to be found, clearly U.S Crude Oil is testing its mid-term range. Patient traders may remain buyers but they should be nimble.
USD/JPY: Strong Reversal for U.S Crude Oil
Producer Price Index data from Japan met its target this morning, and the Yen has remained incrementally within the weaker realm of its rather strong values against the U.S Dollar. The Yen like other major currencies will react to the U.S CPI statistics later today. The Yen is near 106.70 versus the U.S Dollar.
GBP/USD: Annual Budget Release Coming
While many forex traders anticipate the U.S data today, the U.K will publish its important Annual Budget Release later this morning and its results will affect the Pound. The British currency remains fractionally below the 1.39 level versus the U.S Dollar. Some speculators may believe the Pound has room to gain near term.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
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