The U.S Dollar got weaker upon lackluster Producer Price Index data outcomes. Today CPI numbers will be brought forward in the States. The Euro and Pound gained against the U.S Dollar. Gold has broken through short term resistance.
EUR/USD: Euro Reverses Upwards
The Euro produced another turnaround on Thursday. This time its direction was predominantly higher. The Euro is near 1.2040 against the U.S Dollar. Inflation data from the U.S was weaker than expected yesterday, and this helped solidify the stronger stance of the Euro. More inflation data will come from the States today, and investors may remain bullish with the European currency.
Gold: Gold Breaks Through Resistance
Gold broke its consolidated stance on Thursday and slammed through resistance. The precious metal is near 1330.00 U.S Dollars an ounce and appears strong. Technical traders may be eyeing Gold’s early September highs with a belief the commodity can attain higher values.
GBP/USD: Speculators May Remain Bullish
The Pound followed other major currencies which got stronger against the U.S Dollar on Thursday. The British currency is near important resistance around 1.3550 and speculators may be tempted to remain buyers. The Pound will be influenced by U.S data outcomes today.
Crude Oil: Stable Performance from U.S Crude Oil
Crude Oil has remained within a consolidated and strong range. The commodity is near 63.50 U.S Dollars a barrel and should be given attention before going into the weekend. U.S Crude Oil’s rather stable performance may entice further upside speculation near term.
USD/JPY: Yen Testing Support as it Gets Stronger
The Yen has remained stronger against the U.S Dollar. The Japanese currency is above the 111.00 juncture and may be able to test support ratios before going into the weekend. The Nikkei Index has continued to experience cautious selling this morning.
Yaron Mazor is a senior analyst at SuperTraderTV.
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