Wall Street reversed on Tuesday and finished the day with selling. The Euro and Pound remain strong against the U.S Dollar
Important Consumer Price Index numbers will come from the European Union today. Japanese data improved again. China growth numbers are tomorrow.
Although Wall Street opened with gains, the three major Indexes were not able to sustain buying momentum and slumped as Tuesday ended. The Empire State Manufacturing Index reading yesterday came in slightly below expectations. Today the Federal Reserve’s Beige Book will be published. Global stocks are trading mostly down on Wednesday morning.
Core Machinery Orders data from Japan produced a stellar gain of 5.7%, which massively surpassed its targeted result of minus -1.3%. The Nikkei Index has seen cautious selling this morning. China will release important Gross Domestic Product numbers tomorrow. The Yen remains strong and is near 110.80 against the U.S Dollar.
U.K inflation data essentially met expectations on Tuesday. The European Union’s Consumer Price Index will be released this morning and will serve as a catalyst for next week’s European Central Bank meeting. The Euro and Pound continue to maintain their top tier values against the U.S Dollar in early trading. The Pound is hovering below the 1.38 level against the U.S Dollar.
Gold experienced selling pressure on Tuesday but has held its value the past few hours as it trades near 1336.00 U.S Dollars an ounce. The precious metal is likely to see speculative trading near-term and traders should have their risk management tools ready.
Canadian Interest Rate Decision, European Inflation Data Coming
The Consumer Price Index results from the European Union will spark trading interest at 10:00 GMT.
Yaron Mazor is a senior analyst at SuperTraderTV.
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Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology, and education.