Jackson Hole Summit Begins to Loom Large for Investors, US Futures Point to Lower Open
Wall Street’s gains were substantial on Tuesday, but traders remain cautious. New Home Sales will come from the States today. Tomorrow the Jackson Hole Symposium will get underway and impact the broad markets.
NASDAQ and Fragile Sentiment, Central Bankers Awaited On
New Home Sales will headline U.S data today. But tomorrow’s Jackson Hole Symposium looms large and is influencing forex in the short-term. Wall Street’s gains on Tuesday were significant, but investors will want to see a repeat performance today before they become convinced buyers have returned to the equity markets in force.
Japanese Manufacturing Improves, Yen Battling the U.S. Dollar
The Nikkei and Topix Indexes have made moderate gains today. However, the buying on the Japanese exchanges remains cautious, and the Yen has gotten slightly stronger in the past couple of hours against the U.S Dollar. Japan did turn in good economic data via its Manufacturing PMI reading. Early on Friday, key inflation numbers will come from Japan which may have a large impact on the Yen.
Germany Delivers Strong Data, GDP Results from U.K. Tomorrow
Manufacturing and Services Purchasing Managers Index figures have come from Germany and France this morning. The results from France were mixed with a slight gain in Manufacturing, but a decline in Services. Germany, however, produced a very good outcome from its Manufacturing sector with a result of 59.4, solidly beating its estimate. Tomorrow the U.K will present its Second Estimate Gross Domestic Product data. The Euro and Pound have range traded against the U.S Dollar early today. European equities have been cautious this morning.
Volatility Awaits Gold, Traders Braced for Fast Conditions
Gold is showing signs of potentially turning into a volatile market over the next few days. The precious metal has kept the 1290.00 U.S Dollars an ounce mark in sight. Speculators are likely positioning themselves for the wave of news which will develop around the Jackson Hole Symposium starting tomorrow. Traders should expect fast conditions to emerge.
Housing Sector Data from States, Crude Oil Supply Numbers
U.S investors will look at the New Homes Sales numbers carefully upon their publication at 14:00 GMT.
13:45 PM GMT U.S., Flash Manufacturing PMI
14:00 PM GMT U.S., New Home Sales
14:30 PM GMT U.S., Crude Oil Inventories
Yaron Mazor is a senior analyst at SuperTraderTV.
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