U.S traders will have an abundance of data today via Gross Domestic Product, ADP Non-Farm Employment Change, and Crude Oil Inventories data. Wall Street proved cautious but gained on Tuesday. The Euro and Gold have remained under pressure this morning after putting in highs yesterday.
Swarm of U.S. Data Hits Today, U.S. Dollar in Early Trading
Investors will be swarmed with crucial economic reports from the States today. The Preliminary Gross Domestic Product numbers will be published, and before that the Non-Farm Employment Change statistics will come from the Automated Data Processing company – which begins the parade of jobs numbers which will culminate with the official U.S monthly data on Friday. Wall Street put in cautious gains yesterday. The Texas flooding saga remains important and Crude Oil Inventories will also be released today. The U.S Dollar has been stronger in early trading today.
North Korean Tensions Ignored, Yen Sells Off in Force
Asian investors have seemingly brushed worries about North Korean tensions off their shoulders. Retail Sales data from Japan was impressive early this morning. The U.S Dollar has been brought in force against the Yen today, and the Japanese currency is near the important 110.00 juncture. Tomorrow critical Manufacturing data will come from China. Asian equity markets have put in solid gains in Japan and Hong Kong today.
Euro Catapult Ride Ends, Draghi May Come Under Pressure
The Euro’s catapult ride upwards ended late on Tuesday morning and it has been pushed back against the U.S Dollar. The 1.19 level looks to be supported in the short term for the Euro as it faces headwinds. Inflation numbers from Spain proved lackluster this morning. And there are whispers circulating that European Central Bank President Mario Draghi could come under increasing pressure to try and stop the Euro from becoming too strong because it could hurt the European economy.
Volatility Continues for Gold, A Battle Near Important Support
Gold has seen volatility continue this morning as sellers have been able to create a decline in the precious metal’s value. After reaching new highs on Tuesday, Gold is battling important support near 1300.00 U.S Dollars an ounce.
U.S. Growth Numbers, Jobs Parade Data Begins
Investors have plenty of data to look at this afternoon, but the Preliminary Gross Domestic Product could prove the most important from the States at 12:30 GMT.
12:15 PM GMT U.S., ADP Non-Farm Employment Change
12:30 PM GMT U.S., Prelim Gross Domestic Product
14:30 PM GMT U.S., ADP Non-Farm Employment Change
Yaron Mazor is a senior analyst at SuperTraderTV.
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