The U.S Dollar has been stronger in forex the past twelve hours as the Pound and Euro have reversed towards lows. The Bank of England will release their Monetary Policy Statement today.
GBP/USD: Pound Rally Stalls
The Pound stalled late on Wednesday and is trading near 1.32 against the U.S Dollar. The Bank of England will release its Monetary Policy Summary today. Trading for the Pound has proven to be filled with reversals, as investors position themselves ahead of today's pronouncements. Short term traders may be tempted to buy the Pound but should practice caution.
Gold: Staggering near Short Term Lows
Gold has been pushed to lows after putting in a rally yesterday . The precious metal is near 1322.00 U.S Dollars an ounce. Support may be tested further by sellers who believe Gold is showing signs of vulnerability, as it staggers within the upper boundaries of its mid-term range.
EUR/USD: Euro Gets Pushed Back
After nearing the 1.20 level again on Wednesday, the Euro came under pressure and is fighting above the 1.1850 juncture against the U.S Dollar. Short term trading remains volatile, particularly for investors who have a long term bullish outlook for the Euro. Investors may buy the Euro on the belief it has been oversold.
USD/JPY: Yen Slightly Weaker
The Yen has been slightly weaker against the U.S Dollar this morning. However, Japanese equities have been cautious and traders may be looking at the U.S Dollar suspiciously. The Yen is near 110.50 and traders may attempt to sell the U.S Dollar against the Yen based on the notion the Yen should be stronger.
Crude Oil: Crude Oil near Short Term Highs
Crude Oil remains near short term highs. However, its gains have not been substantial and the commodity is still within its known consolidated range. U.S Crude Oil is above 49.00 U.S Dollars a barrel and speculators may consider buying positions today.
Yaron Mazor is a senior analyst atSuperTraderTV.
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This article was originally posted on FX Empire
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