Yahoo Finance Daily Market Forecast, October 23, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
The U.S Dollar has remained resilient. The Yen has been sold off as the Nikkei Index continues to track upwards and in the wake of Prime Minister Abe’s election victory on Sunday. Gold remains under pressure and is battling headwinds.
USD/JPY: Victory by Prime Minister Abe Secures Policy
The Yen has continued to get weaker against the U.S Dollar. The result of the Japanese election allows Prime Minister Abe to securely pursue his policy goals. And the weakness of the Yen it should be remembered is a goal of the Japanese government. The Yen is near the 114.00 level and speculators may continue to try and buy the U.S Dollar against the currency.
Gold: Gold under a Strong Equities Shadow
Gold has seen its value edge lower again this morning. The precious metal is near 1276.00 U.S Dollars an ounce and continues to test and breakthrough short-term support. The combination of strong global equities and a resilient U.S Dollar have cast a shadow on Gold and headwinds may continue.
EUR/USD: Euro near Important Support
The Euro has remained under pressure and is near 1.1750 against the U.S Dollar. The European Central Bank will be conducting a monetary policy meeting this week. The Euro is near important support and while some traders may look for reversals upwards, they should have their risk management ready.
Crude Oil: Maintaining Strength in Consolidated Range
Crude Oil has edged higher and is near 52.00 U.S Dollars a barrel. The commodity has shown signs of strength the past week and been able to maintain values near the stronger part of its consolidated range. U.S Crude Oil may have the ability to traverse higher in the near term.
GBP/USD: Slight Gains as Investors Ready for BoE
The Pound is near 1.32 against the U.S Dollar. The British currency has been able to put in slight gains as investors seemingly position themselves for an interest rate hike they believe will be coming from the Bank of England. However, the Pound is near important resistance and may face headwinds again in the near term.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire