Trader Serenity Returning to Equity Markets, Pound Rises as BoE Calls for a Rate Hike

Wall Street’s bumpy ride may continue, but the three major U.S Indexes are expected to open with gains.
Yaron Mazor
BoE1

The Nikkei Index was positive. China issued disappointing Trade Balance figures earlier. The Bank of England’s reports is being digested by traders now.

Nikkei Index Produces Traction, Poor Trade Balance Results from China

Asian equities produced solid traction via the Nikkei Index, and the Hang Seng has also gained. However, the Shanghai Shenzhen composite did lose ground, but this was a result of disappointing Trade Balance numbers which were published earlier in China. The Nikkei’s gains of over 1 percent will act as an ointment for nervous traders. Wall Street produced price swings yesterday and declined, but the major Indexes did begin to show signs of stability emerging and are expected to open with gains. Data will be relatively light from the States, but investors will keep their eyes on Washington politicians as they try to avert another government shutdown from occurring.

Key Support Levels for Euro & Pound, Feds Next Moves Contemplated

Forex remains choppy. The U.S Dollar has been strong against the Pound and Euro. The Bank of England’s Inflation Report and Monetary Policy Summary are being digested by traders now. The British Pound rises following BoE’s interest rate decision and monetary policy statement which stated a hawkish tone. Tomorrow the U.K will publish manufacturing data. However, the U.S Dollar is the lynchpin in forex as investors contemplate the Federal Reserve’s next moves. The gains made by the U.S Dollar have taken the Euro and Pound to key support levels.

Strong U.S Dollar Catalyst versus Gold, Solidly Lower Past Day

Gold has moved lower the past day. The precious metal is near important support and is around 1312.00 U.S Dollars an ounce. The stronger Dollar has acted as a catalyst against Gold. Speculators who believe a reversal is imminent should practice risk management while looking for an upturn.

Canadian Housing Data on Schedule, U.K Manufacturing Production Friday

Weekly Unemployment Claims data will come from the U.S at 13:30 GMT and add fuel to the fire for traders.

  • 13:15 PM GMT Canada, Housing Starts
  • 13:30 PM GMT U.S, Unemployment Claims

Yaron Mazor is a senior analyst at SuperTraderTV.

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