Philly Fed President Harker signaled his belief that the Federal Reserve will hike its interest rate in December. The Pound falls on developing political
Philly Fed President Harker signaled his belief that the Federal Reserve will hike its interest rate in December. The Pound falls on developing political news from the U.K regarding Prime Minister Theresa May. China Industrial Production data will be released on early Tuesday.
The Dow Jones Industrials is expected to resume its short-term downward trend upon opening today based on the Futures Markets. Investors remain nervous regarding Washington’s inability to offer a clear tax reform package. The U.S Dollar has been solid in forex. Philly Fed President Harker re-iterated his belief the Federal Reserve will increase its interest rate in December. A budget report will be published in the U.S today, and investors are looking forward to inflation data which will be published mid-week in the States.
Mixed trading was produced via the Asian equity Indexes today. While the Nikkei and Topix exchanges tumbled, the Hang Seng and Shanghai Shenzhen gained. Important Industrial Production data will come from China early tomorrow which will impact the markets, particularly if there is a surprising result.
Worries about an imminent collapse of U.K Prime Minister May’s leadership has affected the Pound in early trading. A published report this weekend indicated the important conservative wing of the Tories has lost faith in the Prime Minister, and her grip on power may be challenged with a no-confidence mandate from her own political party which could seek to change leadership. German Wholesale Prices this morning was published and missed their estimate. The Euro has been slightly weaker against the U.S. Dollar.
Gold has become firm this morning after initially being taken lower. The precious metal remains beneath 1280.00 U.S Dollars an ounce, but gold has produced a solid short-term range and may attract speculative elements this week.
Treasury Department’s Budget Report, China Industrial Production Tomorrow
Investors will examine the Federal Budget Balance report published in the U.S at 19:00 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.