U.S. traders will have more to be nervous about today as Hurricane Irma approaches. Wall Street declined yesterday. The Euro has been stronger this morning. The ECB will conduct their monthly Press Conference tomorrow.
Hurricane Irma & Economic Impact, Growing Concerns for U.S. Investors
U.S investors will enter today’s trading with growing concerns about short term volatility in the broad markets. Wall Street was taken lower yesterday across all three major Indexes. While a Non-Manufacturing Purchasing Managers Index reading will be published today, investors have their eyes firmly on the potential impact of Hurricane Irma, which is emerging from a massive storm and could have a huge economic impact.
Nikkei Index Stays Negative, Risk Adverse Traders Active
The Nikkei Index has turned in more declines. The Japanese exchange is down almost 3 percent the past month of trading. Inflation numbers via the Average Cash Earnings today, showed Japanese employees have not seen wage growth. The Yen has stayed strong against the U.S Dollar and is near crucial support as it trades above the 108.50 level. Risk adverse sentiment in Asia remains heightened because of tensions via the North Korean saga.
Negative German Statistics, Euro Stronger in Early Trading
German Factory Orders numbers this morning showed economic growth from the European Union is not guaranteed. A result of minus -0.7% likely rang an alarm bell via the German numbers, after Europe’s lackluster Services PMI data yesterday. The Euro, however, has been strong early, this as investors position themselves ahead of tomorrow’s European Central Bank Press Conference.
Gold Edging Higher, Speculative Forces Gathered
Gold remains at an interesting juncture. The precious metal is near important resistance of 1340.00 U.S Dollars an ounce. The commodity has edged higher the past few trading sessions, as a combination of risk adverse and speculative forces have gathered strength.
U.S. & Canadian Trade Balance Data, Services Numbers from States
U.S traders will look at the Trade Balance numbers which will be published at 12:30 GMT.
12:30 PM GMT Canada, Trade Balance
12:30 PM GMT U.S., Trade Balance
14:00 PM GMT U.S., ISM Non-Manufacturing Index
Yaron Mazor is a senior analyst at SuperTraderTV.
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