Wall Street is expected to open cautiously, but this follows a big week of gains. Donald Trump is being watched closely as he decides on the next Federal Reserve Chairperson and investors anticipate his decision. The Euro has trader weaker in forex as political concerns shadow the European Union. The Nikkei Index streaked higher again today.
Wall Street Anticipated Cautious Opening, Manufacturing Data Tomorrow
Wall Street is expected to open cautiously after last week’s climb higher for all three major Indexes. While there will be little data from the States today, talk about a new Federal Reserve Chairperson is mounting. It is unknown when President Trump will make the decision known, but his choice for the Fed leadership position is expected in the near term. Manufacturing data will come tomorrow from the U.S, and on Wednesday Core Durable Goods Order statistics will be published.
Nikkei Sees Significant Gains Again, Abe Cements Power in Japan
The Nikkei Index finished with a significant day of gains and is nearly up 7 percent the past month. Yesterday’s strong showing by Japan’s Prime Minister Abe’s government, in which they cemented their political mandate certainly increased risk appetite among investors today. Manufacturing numbers will come from Japan early on Tuesday and should be watched. However, the Hang Seng Index in Hong Kong did trade slightly lower.
Euro Trading Lower on Political Concerns, DAX Index Starts Day Positive
The Euro has stayed under pressure as the European Central Bank meetings are set to begin the middle of this week. The Euro has been taken to important support and continues to be tested in the wake of political complications in Spain and yesterday’s voting in Italy. A Consumer Confidence reading will come from the E.U today, and tomorrow Manufacturing and Services data will be brought forward to Europe. And the Dax and Footsie Indexes have been positive early today.
Gold Trading in Tighter Range, Speculative Downside Selling Lingers
Gold has traded in a tighter range the past couple of hours, as it lingers near 1275.00 U.S Dollars an ounce. The precious metal has been speculative the past week and seen a wide range, with some downside momentum lingering. Global equity strength has certainly created some speculative selling.
Economic Sentiment in European Union, Canadian Consumer Reading
A Consumer Confidence reading will be published for the E.U at 14:00 GMT which traders will find interesting.
- 12:30 PM GMT Canada, Wholesale Sales
- 14:00 PM GMT E.U., Consumer Confidence
Yaron Mazor is a senior analyst at SuperTraderTV.
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