Impact from Massive Harvey Hurricane Could Affect U.S. Investors

Investors will keep their eyes on the damage being caused by flooding in Texas as tropical storm Harvey continues to deliver more rain. Crude Oil and equities will be in the spotlight for investors as they calculate the damage from the massive weather event.

Tropical Storm Harvey’s Damage, Yellen Soothes Wall Street

Hurricane Harvey’s impact has stolen the limelight from the Jackson Hole Symposium. The hurricane has been downgraded to a tropical storm but is still delivering massive rainfall to Texas which could have a huge economic impact on the region. Wall Street put in slight gains on Friday after Fed Chairwoman Janet Yellen offered calm words to U.S investors. Today Wholesale Inventories data will come from the U.S, but traders will keep their eyes on Texas as the damage from the storm is quantified. The CB Consumer Confidence reading will be released tomorrow.

Chinese Markets Positive as Japan Stays Cautious, Yen Hovering Near Support

The Shanghai Shenzhen and Hang Seng composites have continued their winning ways this morning, as both stock exchanges have climbed more than 3 and a half percent the past month. The Nikkei Index, however, remains cautious even as economic data from Japan has shown recent improvements. The Nikkei has declined over 2 and a half percent this month. The Yen has been slightly stronger against the U.S Dollar and is seemingly intent on hovering near the 109.00 support level.

Euro Climbs on Draghi Speech, French GDP Numbers Tomorrow

The Euro advanced sharply on Friday in the wake of European Central Bank President Mario Draghi’s speech in Jackson Hole. The Euro is trading above 1.19 against the U.S Dollar and has surpassed the highs it made a few weeks ago. The U.K is on banking holiday today. Money Supply data will be seen today in the European Union, and tomorrow French Gross Domestic Product numbers will be released.

Devastating Floods Impact Refineries, Speculative Trading Likely in Crude Oil

The tropical storm which continues to bring rain to Texas is creating devastating flooding and is certain to impact Crude Oil refineries. The price of Crude Oil is slightly below 48.00 U.S Dollars a barrel and should be watched carefully as speculative elements try to buy the commodity. Volatility is a certainty for Crude Oil in the coming days.

U.S. Import and Export Numbers, Value of Inventory Held in States           

Investors will look over the Preliminary Wholesale Inventories data from the U.S at 12:30 GMT.

12:30 PM GMT U.S., Goods Trade Balance

12:30 PM GMT U.S., Preliminary Wholesale Inventories

Yaron Mazor is a senior analyst at SuperTraderTV.

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