Forex Fireworks Spark for Euro & Pound, Gold Prices Fall
Core Durable Goods Orders will be released from the U.S today. Tomorrow GDP result will be published in the States and the growth numbers could prove important. President Trump has begun to push his Tax Reform package. Wall Street turned in a cautious day of trading Tuesday.
Flat Results on Wall Street, Trump’s Team Talking Tax Reform
Wall Street had another unconvincing day of results on Tuesday with an essentially flat outcome. Yesterday’s Consumer Sentiment numbers came in fractionally below their estimate. Today Core Durable Goods Orders will be published, and tomorrow Gross Domestic Product figures are on the calendar. Talk about the Trump administration’s Tax Reform package is intensifying and could provide the broad markets with more impetus.
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Yen and Nikkei Correlation Signals Move, Yen Weakness Intensifies
Japanese equities have continued to see moderate selling early. The Yen, however, has continued to weaken against the U.S Dollar and is near 112.50. The weakness in the Yen signals more volatility may be in the cards for Japanese equities in the near term. Bank of Japan Governor Kuroda will be speaking early tomorrow morning in Tokyo.
Euro and Pound Face Headwinds, European Equities & Cautious Trading
The Euro and Pound produced fireworks as they faced strong short-term headwinds against the U.S Dollar on Tuesday. The European currency is below the 1.18 level early this morning. The U.K will release its Realized Sales data today, which is a leading indicator regarding consumer spending. The Footsie Index continued to see cautious selling yesterday, while the Dax produced slight gains for its German equities.
Gold Traders Need to be Alert, Choppy Conditions for Precious Metal
Gold has mirrored the broad markets with consistent whipsaw like trading early this week. The precious metal is near 1295.00 U.S Dollars an ounce, but trading conditions remain choppy. Short-term speculators need to remain alert in the Gold market.
U.K. Consumer Spending Data, Durable Goods Numbers from States
The U.S Core Durable Goods Orders data will prove interesting for investors upon its release at 12:30 GMT.
- 10:00 AM GMT U.K., CBI Realized Sales
- 12:30 PM GMT U.S., Core Durable Goods Orders
- 14:30 PM GMT U.S., Crude Oil Inventories
Yaron Mazor is a senior analyst at SuperTraderTV.
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