The U.S Dollar has been slightly stronger in early trading this morning. The Euro has given back gains made before going into the weekend, and the Pound has softened on news surrounding Prime Minister May’s vulnerable hold on power.
EUR/USD: Patience Needed for Speculators
The Euro gained before going into the weekend, but the currency has lost some ground in early trading this morning. The Euro is near 1.1650 against the U.S Dollar and may face additional headwinds today. However, for speculators with patience a belief that more value will be added could prove alluring near term.
Gold: Challenging Trading Environment
Gold lost value on Friday and continues to prove a challenging trading environment. The precious metal is near 1275.00 U.S Dollars an ounce and may prove enticing to market participants who believe it will once again reverse and test the upside.
GBP/USD: Prime Minister Theresa May is Vulnerable
The Pound gained on Friday, but it has lost value early today as news develops about Prime Minister Theresa May’s tenuous grip on power. The Pound may find itself vulnerable until clarity solidifies politically for the Tory led U.K government. Short term traders of the British currency will need to stay alert.
Crude Oil: Upside Potential Exist for U.S Crude Oil
Crude Oil has remained in a rather consolidated spot the past few trading sessions, as it traverses slightly below the 57.00 U.S Dollars a barrel level. Interestingly, U.S Crude Oil has not been subjected to volatile selling, which may signal some upside potential still exist near term for the commodity.
USD/JPY: Yen Range Trading, But Looks Strong
The Yen has range traded and is near 113.60 against the U.S Dollar. The powerful gains which the Nikkei Index put in the past couple months has taken a breather the past few trading sessions. The Yen may be able to incrementally get stronger in the near term.