ECB President Mario Draghi will be speaking soon and deliver the central bank’s pronouncements regarding growth, inflation and monetary policy. The Euro will be fast in forex and Gold will react to influences as they stir on the broad markets. The Bank of Canada raised its interest rate yesterday which surprised many traders.
Bank of Canada Surprise Rate Hike, U.S. Approves More Spending
While the U.S government approved a new ‘debt ceiling’ for government expenditures and helped boost confidence on Wall Street Wednesday, the Bank of Canada produced a surprise rate hike. The quarter of a point increase created a soaring Canadian Dollar against other major currencies. Today weekly Unemployment Claims will come from the States, along with Crude Oil Inventories. Investors have two busy days ahead as they also contemplate the potential ramifications from Hurricane Irma which will make landfall this weekend, and what have been tentative trading conditions.
China Trade Balance Tomorrow, Yen Begins to Range Trade
The Nikkei and Topix Indexes advanced today, but the Hang Seng and Shanghai Shenzhen reversed and turned in declines. Trade Balance numbers will come from China early on Friday and will play a vital role in Asian markets. The Yen has been weaker the past day but has turned cautious the past few hours as investors get set to react central bank influences from afar. The Yen is near the 109.00 ratios against the U.S Dollar.
Draghi Ready to Impact Euro, German Industrial Figures Stumble
European Central Bank President Mario Draghi will impact the markets soon as the ECB Press Conference gets underway. Draghi will try to sound cautious, but he will likely acknowledge better economic conditions in the European Union. However, German data has been disappointing via Industrial Production early today and yesterday’s falling Factory Orders from the nation. The Euro will be volatile the next few hours and traders will have to be ready with solid risk management. The Halifax Home Price Index from the U.K produced a better than expected outcome this morning.
Gold Near Crucial Resistance, Precious Metal Set to React
Gold continues to stay in a tight range while keeping resistance in sight. The precious metal is near 1338.00 U.S Dollars an ounce, and it will likely react to fast conditions which occur because of rapid trading in forex which will ignite soon. Gold should be treated carefully today.
Broad Markets and ECB, U.S. Crude Oil Supply Data
Trades will listen to President Mario Draghi attentively as the ECB Press Conference begins at 12:30 GMT.
12:30 PM GMT E.U., ECB Press Conference
12:30 PM GMT U.S., Unemployment Claims
15:00 PM GMT U.S., Crude Oil Inventories
Yaron Mazor is a senior analyst at SuperTraderTV.
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