Caution Emerging as Holiday Approaches

Gross Domestic Product data will come from the States.  The Bank of Japan kept its monetary policy intact this morning. Trading volumes have begun to thin because of the approaching holiday.

Wall Street Declines as Tax Reform is Passed, Gross Domestic Product Data

Washington finally passed President Trump’s tax reform legislation yesterday, and Wall Street promptly lost ground. However, the selling of the three major Indexes should not be misinterpreted as a sign investors are against tax reform. Instead, it should be an indication they had already bought into the market based on the notion the package would be delivered. Growth numbers will come from the U.S today, but many traders will be thinking about their long holiday which is drawing close.

Bank of Japan Talks Inflation, Trading Volumes Becoming Light

The Bank of Japan kept its monetary policy in place this morning. Governor Kuroda said muted inflation remains a concern and the central bank will continue to confront it with its low-interest rates. The Yen has been relatively calm against the U.S Dollar as holiday trading volumes have begun to diminish. The Hang Seng and Shanghai Shenzhen composites have produced gains this morning.

Political Concerns in U.K Again, Pound Remains Solid Against U.S Dollar

Economic data from the U.K and the European Union will be relatively light today. Public Sector Net Borrowing numbers will come from Britain, but will not get much attention. However, Prime Minister Theresa May has been confronted with another political bump upon the forced resignation of a government minister. The Pound has maintained its value however against the U.S Dollar. The Euro has also looked solid the past day. And the vote in Catalonia, Spain should be watched today.

U.S Crude Oil Builds on Momentum, Crude Oil Bounces Back off Headwinds

Crude Oil has continued to display buying momentum and has climbed above 58.00 U.S Dollars a barrel. The commodity has bounced back from headwinds seen last week and speculators may believer resistance around 59.00 U.S Dollars is a legitimate target.

U.S Growth Numbers Today, Canadian Spending Data on Calendar

U.S Gross Domestic Product data will prove interesting for investors when it is issued at 13:30 GMT.

• 9:30 AM GMT U.K, Public Sector Net Borrowing
• 13::30 PM GMT Canada, Retail Sales
• 13:30 PM GMT U.S., Final Gross Domestic Product

Yaron Mazor is a senior analyst at SuperTraderTV.

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