What would have typically been a quiet week of trading has been dealt another body blow as North Korea has tested a missile this morning and rattled global investors. Texas flooding damage is still being awaited on in the States. The CB Consumer Confidence reading will be released today.
Investors Have a Busy Day Ahead, Cautious Trading Prevails in States
U.S markets turned in cautious results on Monday. Investors are still awaiting a full report on the damage which Tropical Storm Harvey has caused. The U.S Dollar has continued to be weak against the major currencies. An important Consumer Sentiment report will be released via the Conference Board in the States today, and tomorrow Gross Domestic Product numbers will be seen. Traders have a busy day ahead as they deal with rising international tensions, Texas flooding and an important week of U.S data to come. Market sentiment will likely remain nervous in the States today.
North Korean Missile Rattles Asia, Yen Gets Stronger in Early Trading
Investors have sold off equities this morning across the major Asian equity markets. News about another North Korean missile test has put traders on the defensive. The Yen has gotten stronger in early trading and is around 108.80 against the U.S Dollar. The Kospi and Nikkei Indexes are likely to see a severe test via nervous sentiment into tomorrow. Retail Sales data will come from Japan very late tonight.
Euro is Convincing and Strong, French GDP Numbers Tomorrow
Money Supply and Private Loans data from the European Union did not dampen sentiment surrounding the Euro yesterday. The currency continued to put in rapid and convincing gains against the U.S Dollar and is testing vital long term resistance. The Pound also made significant climbs on Monday. French Gross Domestic Product figures have been released this morning, but European investors will be more focused on the international news which could affect domestic and global markets.
Safe Haven Buying Sparks Gold Higher, Gold Crushes Resistance
Gold has broken through crucial resistance and is near 1320.00 U.S Dollars an ounce. The precious metal has powered higher on safe haven trading, but even before the missile launch from North Korea, Gold had put in strong gains on Monday. Speculative trading will create more volatility for the precious metal today.
US Dollar Index Price Forecast
Every new US Dollar Index analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all US Dollar Index forecastsImportant U.S. Consumer Reading, Japanese Spending Data Later
The Conference Board’s Consumer Confidence numbers will be released for the U.S at 14:00 GMT and get the attention of traders.
14:00 PM GMT U.S., CB Consumer Confidence
11:50 PM GMT Japan, Retail Sales
Yaron Mazor is a senior analyst at SuperTraderTV.
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