Plenty of U.S Data as Holiday Approaches, Oil Rally Continues
A large parade of data will come from the U.S today including Core Durable Goods Order, Unemployment Claims and the University of Michigan’s Consumer Sentiment reading. However, the impact will be limited as trading volumes thin due to the upcoming Thanksgiving holiday in the States tomorrow.
Data Will have Limited Impact, Bullish Behavior on Wall Street
A tidal wave of data will come from the States today. However, the reports will be published as many U.S investors have their eyes on the exit doors of their offices. The Thanksgiving holiday is tomorrow, and this will begin to affect trading volumes today. Durable Goods Orders, weekly jobs numbers, and a Consumer Sentiment reading will all be reported, but their impact will be limited. Wall Street continues to display bullish behavior as the holiday approaches.
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Yen Getting Stronger Against U.S Dollar, Hang Seng Index Leads Gainers
Asian equities advanced again today. The Hang Seng led the gainers and has added more than 5 percent the past month. While the Nikkei Index continues to flourish and reach new highs, the Yen has strengthened today against the U.S Dollar and is near the 112.00 juncture. Tomorrow is a banking holiday in Japan.
Euro and Pound Edge Higher, E.U Manufacturing Data Tomorrow
The Euro and Pound have added moderate value early in as solid ranges abound. Liquidity in forex will thin as the day progresses, and short-term traders may find opportunities to take advantage of technical ranges, but they should be careful. The Euro is near 1.1760 against the U.S Dollar. Manufacturing Purchasing Managers Index data will come from Germany and France tomorrow.
Thin Markets & Aggressive Buying, Crude Oil Hovering Near Resistance
Crude Oil will prove interesting today as hovers near 58.00 U.S Dollars a barrel. With trading volumes becoming thin as the Thanksgiving holiday approaches, Crude Oil may see volatility based on the fact speculators have aggressively been buying the commodity early this week.
Plenty of Data from States Today, Manufacturing Orders Numbers from U.S
Traders will listen for clues via European Central Bank President Draghi’s economic testimony in Brussels which starts at 14:00 GMT.
- 13:30 PM GMT U.S., Core Durable Goods Orders
- 13:30 PM GMT U.S., Unemployment Claims
- 15:30 PM GMT U.S., Crude Oil Inventories
Yaron Mazor is a senior analyst at SuperTraderTV.
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