Nervous Sentiment Remains Dangerous on Wall Street, US Futures Set to Open Higher

A flurry of data will come from the U.S today because of tomorrow’s Good Friday holiday. Forex has seen the U.S Dollar become stronger.

A flurry of U.S Data Today, Nervous Sentiment Remains Dangerous

Asian equities rallied late in today’s trading session after opening cautiously. Asia will be the biggest market player tomorrow while most of Europe and North America close for the Good Friday holiday. Wall Street saw the NASDAQ stumble dramatically on Wednesday, but the Dow Jones and S&P lost only fractional value. The U.S will issue a handful of reports today including weekly jobs numbers, the Chicago Purchasing Managers Index and the University of Michigan’s Consumer Sentiment reading. However, the biggest factor in the broad markets remains the nervous sentiment which is still showing traces of being dangerous. Wall Street should be watched carefully today.

Aggressive Fed Gets another Reason to Hike, Yen Testing Weakness

Yesterday’s strong Gross Domestic Product data from the U.S spurred on forex instantly. The U.S Dollar rebounded against the major currencies in rapid fashion. The Yen is near 106.50 this morning, and the Euro and Pound are testing important short-term support. The stronger growth numbers from the States gives credence to the belief the Federal Reserve will stay aggressive in the mid-term with its monetary policy, and potentially raise its key borrowing rate again early in the summer.

Crude Oil Inventories Stronger than Expected, Higher Realms Still in Intact

U.S Crude Oil Inventories data came in higher than expected yesterday, and the price of the commodity declined slightly. However, Crude Oil is near 64.50 U.S Dollars a barrel which is still within the better realms of its long-term value. The energy sector could turn slightly volatile today, as traders position themselves for the long holiday weekend.

Canadian Growth Numbers on Calendar, Chicago Fed Data Today

The weekly Unemployment Claims numbers will come from the U.S at 12:30 GMT and could factor into today’s trading sentiment.

• 12:30 PM GMT, Canada, Gross Domestic Product
• 12:30 PM GMT, U.S, Unemployment Claims
• 13:45 PM GMT, U.S, Chicago Purchasing Managers Index

Yaron Mazor is a senior analyst at SuperTraderTV.

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