Daily Market Forecast, March 21, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The U.S central bank is widely expected to raise its interest rate, thus its outlook will be the key ingredient for forex upon the publication of the FOMC Statement. 

EUR/USD: German Data Proves Negative for Euro

The Euro has lost ground and is near 1.2260 versus the U.S Dollar. Economic data from Germany proved negative on Tuesday, but the U.S Federal Reserve’s expected interest rate hike today looms large. While the Euro is near important support, speculators with a strong stomach may look for upside potential.

Gold: Will the Precious Metal Jump Higher?

Headwinds have confronted Gold as it trades around 1313.00 U.S Dollars an ounce. The commodity has not been able to sustain moves higher as investors react to the strength of the U.S Dollar and lackluster global inflation. The question is if the precious metal will bounce higher leading up to the Fed’s policy statement.

GBP/USD: Inflation Miss for Pound

The Pound has remained above the 1.40 mark against the U.S Dollar, but it has languished in range the past twenty-four hours. Consumer Price Index data from the U.K missed its estimate yesterday, but traders must be prepared for busy conditions in the coming hours as forex reacts to the U.S central bank.

Crude Oil: Saudi Arabia & U.S Summit in Washington

U.S Crude Oil has been bullish early this week. Sentiment may have improved short term because of the summit between Saudi Arabia and the U.S in Washington the past two days. Crude Oil is above 63.00 U.S Dollars a barrel and is approaching resistance which has proven rather strong the past month.

USD/JPY: Yen Remains Slightly Weaker

The Yen has remained slightly weaker against the U.S Dollar the past day. The Japanese currency is near 106.40 versus the U.S Dollar. The Nikkei Index has remained rather cautious. Traders are waiting on the U.S Fed outlook, but they are also paying strict attention to the growing political scandal in Japan surrounding the Prime Minister.

Yaron Mazor is a senior analyst at SuperTraderTV.

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