Important Data and Central Banks on Horizon, US Dollar Firm on Taylor’s Fed Chair Speculation

Forex has remained relatively tranquil as traders await central bank impetus via the Bank of Canada today, and the ECB tomorrow. Core Durable Goods Orders will come from the U.S today, and Wall Street will start the day in record territory.  

Dow Jones Has 23,500 in View, Durable Goods Orders Data Today

As investors still await news regarding the future of the Federal Reserve’s leadership, they continued to buy the major shares on Wall Street on Tuesday. The Dow Jones Industrials will start the day within shouting distance of the 23,500 level. Core Durable Goods Orders data will be a statistical focal point for traders today, and corporate earnings will continue to be brought forward for inspection. The U.S Dollar has remained firm early this morning as reports of John B. Taylor to be the next Fed chairman. Sources have revealed that the Trump prefers John Taylor, who is regarded as having a strong hawkish stance on monetary policy.

Reversal Takes Place on Nikkei Index, Inflation Data Coming from Japan

The Nikkei Index reversed late during its trading session today and turned in a negative outcome. However, the key Japanese Index has increased by six percent the past month during its bullish run. Key inflation data will be published from Japan Thursday and Friday, among the reports will be a Services Producer Price Index and the Tokyo Core Consumer Price Index. The Yen is below the 114.00 level against the U.S Dollar.

German Data Better Than Expected, Euro Standing in Place

A German Business Climate reading has produced a better than expected outcome this morning. However, the Euro has been standing in place as investors have proven very cautious. The European currency is near 1.1760 and the European Central Bank’s monetary policy announcements tomorrow are being heavily anticipated. The U.K has issued its Gross Domestic Product results, and it exceeded its estimate marginally with a gain of 0.4%.

Speculators Pressing Gold Down, Early Pressure in Gold Testing Lows

Gold has stayed under pressure early as its selloff has continued to test new lows. The precious metal is near 1272.00 U.S Dollars an ounce and speculators may continue to press forward with selling positions in the short-term. Risk management will be crucial the remainder of the week with Gold.

Production Indicator from U.S., Bank of Canada Monetary Policy

Investors will look at the results from the Core Durable Goods Orders at 12:30 GMT from the States.

• 12:30 PM GMT U.S., Core Durable Goods Orders
• 14:00 PM GMT Canada, Bank of Canada Rate Statement
• 14:30 PM GMT U.S., Crude Oil Inventories

Yaron Mazor is a senior analyst at SuperTraderTV.

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