U.S markets saw mixed trading on Wall Street and the U.S Dollar was slightly weaker in forex. Gold has remained stronger. The ZEW German Economic Sentiment reading will be released this morning.
Fractional Gains for Dow Jones, Investors Looking Towards Jackson Hole
Trading volumes on Wall Street continued to decrease on Monday as the late summer season has seen large institutional traders vanish from the landscape. The three major Indexes turned in mixed trading, with the Dow Jones Industrial producing fractional gains. Economic data will be limited from the States today, but traders continue to eye the Jackson Hole economic get together which will begin on Thursday and is certain to fuel forex and equity markets. The U.S will release New Home Sales figures tomorrow.
Nikkei Gains Slightly, Support Level Holds for Yen
The broad equity markets in Asia have put in slight gains early today. The Nikkei and Topix have reversed their negative trends in the short term. And the Yen has traded in a tight range against the U.S Dollar as the 109.00 support level remains visible. Flash Manufacturing Purchasing Managers Index numbers will come from Japan early on Wednesday.
Euro & Pound Gain on U.S. Dollar, U.K. Public Net Borrowing Numbers
The Euro and Pound gained on Monday with solid moves upwards against the U.S Dollar. The Euro is above the 1.18 level after yesterday’s buying action. Germany will release an important economic sentiment report this morning, and the U.K will publish Public Sector Net Borrowing statistics. Thin summer time trading has begun to effect forex and equities, but yesterday’s bullish behavior in the Euro and Pound against the U.S Dollar may attract further speculative buying positions today.
Gold Gains Again on Monday, Speculators Aiming for Higher Ground
Gold gained again on Monday. The precious metal is near important resistance, but it has continued to show the ability to build momentum in the short-term. The 1295.00 U.S Dollars an ounce price appears to be a focal point as some speculators continue to aim for higher values.
Yaron Mazor is a senior analyst at SuperTraderTV.
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