Global Stocks Higher Ahead of the Fed Meeting, Apple Strong Earnings Boost Markets
GDP numbers will come from the European Union after the ECB non-monetary policy meeting.
Full Volume Returning to Markets, GDP Data from European Union
The three major Indexes on Wall Street turned in mixed results on Tuesday, as investors continue to react to the strong U.S Dollar. Global trading volumes were weak yesterday with many investment houses closed for the holiday. However, full trading has resumed early this morning as China has returned to the market, and Europe is ready for a busy day. The Euro was battered and fell to new lows against the U.S Dollar on Tuesday and is testing important long-term support. Growth Domestic Product results will come from the European Union this morning. But the biggest shadow lurking over investors is the coming U.S Federal Reserve’s interest rate outlook which will be published later today.
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Forex Volatility a Certainty, U.S Dollar Testing Major Currencies
Forex remains nervous as the U.S Dollar has slashed its way to new highs. The Euro, Pound, and Yen have all been brought to key technical levels. Traders looking for reversals against the U.S Dollar the past few trading sessions have been hit hard if they have not been practicing solid risk management. Today’s Fed publication via the Monetary Policy Statement is certain to create another storm. Speculators will look over the U.S report carefully and react accordingly. The correlation between weaker data from the U.K and European Union has also been a factor recently for the rise in value for the U.S Dollar, meaning forex will remain volatile near term.
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Gold Attracts Buyers in Early Trading, Precious Metal is Active
Gold was flung around on Tuesday and suffered further losses as it fell to critical support levels. However, the precious metal has attracted some takers in early trading and is near 1311.00 U.S Dollars per ounce. Gold will remain an active market and be affected by the direction of the U.S Dollar.
Interest Rate Outlook Coming from the U.S, European Growth Numbers
The Fed’s Monetary Policy Statement will be published at 18:00 GMT and certainly affect the broad markets.
- 9:00 AM GMT, E.U, Preliminary Flash GDP
- 12:15 PM GMT, U.S, ADP Non-Farm Employment Change
- 18:00 PM GMT, U.S, Federal Reserve’s FOMC Statement
Yaron Mazor is a senior analyst at SuperTraderTV.
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