Wall Street stumbled on Tuesday as political winds created tension late in the day. However, the tax reform package does not appear to be in jeopardy. Bitcoin prices drop sharply as investors turn to other coins.
The U.K will conduct Financial Stability hearings today with BoE Governor Carney making a statement.
The tax reform package will have to be re-voted on by Congress today after the Senate rejected the bill which the House of Representatives presented. However, it appears the promised legislation is not in jeopardy. Wall Street saw its gains evaporate late in its trading session yesterday as the nervous political winds created tension in the market. And Apple’s shares took a hit yesterday on a negative report from a well-respected analyst.
Bitcoin prices dropped sharply on Tuesday morning as investors turn to other cryptos. Bitcoin cash has been the story of the day so far as it rises 50% to trade at $3517 as of 8:00 GMT. Bitcoin Gold is trading at $435.62, up 28%.
The All Industries Activity report from Japan met it expectations earlier today. And the Nikkei Index has put in slight gains. New Zealand’s economic troubles continued to mount with disappointing Current Account and Trade Balance figures. Tomorrow the Bank of Japan will release its monthly Monetary Policy Statement and conduct a Press Conference with BoJ Governor Kuroda taking questions.
Even as German Business Climate numbers turned in a disappointing report on Tuesday, the Euro was able to maintain its short-term momentum and put in a solid gain against the U.S Dollar. The European currency is above 1.18. German Bundesbank President Weidmann is speaking today. And in the U.K, a Financial Stability hearing will take place in which the Bank of England will participate.
Investors have found themselves attracted to Gold early this week and the commodity has held onto its gains as it trades near 1263.00 U.S Dollars an ounce. The precious metal has been notoriously turbulent the past two months and traders need to be careful if they are looking for more upside value.
Financial Stability Statement for U.K, Crude Oil Supply Numbers in U.S
Mark Carney’s statement on U.K Financial Stability will begin at 13:15 GMT.
Yaron Mazor is a senior analyst at SuperTraderTV.
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Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology, and education.