Wall Street reached new highs on Tuesday. Core Durable Goods Orders will come from the States today. The European Central Bank’s monetary policy meeting is tomorrow and the Euro has been extremely range bound. The Nikkei Index continues to add value.
Investors Continue to Rush Into Equities, U.S. Dollar Strength Remains
Wall Street produced solid gains on Tuesday. Investors continued to rush into equities as solid quarterly earnings reports bolstered confidence. Core Durable Goods Orders will come from the States, along with Crude Oil Inventories. Yesterday’s Richmond Manufacturing Index missed its estimate. The U.S Dollar continues to display signs of strength short term. And the 23,500 level may be in sight for the Dow Jones Industrials.
Yen Weakens as it Tests Resistance, China Leadership Named
The Nikkei has advanced again in early trading, and the Yen has weakened and is testing important resistance near 114.00 against the U.S Dollar. China’s National Congress has concluded this morning and has produced no surprises regarding its chosen leadership. Australian inflation data this morning came in below its estimates and the Australian Dollar remains weak.
European Central Bank Tomorrow, Pound & Euro Tentative
The U.K will issue important growth numbers via its Gross Domestic Product results. The Pound has traded lower the past day. Manufacturing data from the European Union was positive on Tuesday, and a German Business Climate report will be issued this morning. The Euro is near 1.1760 as the European Central Bank’s monetary policy meeting results await tomorrow.
Gold Sells Off in Early Trading, Opportunities Abound within Choppy Range
The precious metal continues to offer speculators plenty of opportunities with up and down range movements, which have dominated trading the past two weeks. Gold is near 1273.00 U.S Dollars an ounce after selling off this morning.
U.K. Growth Figures Coming, Bank of Canada Rate Decision
The U.K will publish its Growth Domestic Product numbers at 8:30 GMT, which will be monitored closely by investors.
- 8:30 AM GMT U.K., Preliminary Gross Domestic Product
- 12:30 PM GMT U.S., Core Durable Goods Orders
- 14:00 PM GMT Canada, Bank of Canada Rate Statement
Yaron Mazor is a senior analyst at SuperTraderTV.
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