Global equities continue to trade listlessly as central bank decisions, Washington politics and important data is awaited. The Pound has retained its
Global equities continue to trade listlessly as central bank decisions, Washington politics and important data is awaited. The Pound has retained its value against the U.S Dollar, but the Euro remains a laggard in forex.
Wall Street produced a slightly negative session on Monday as investors await an avalanche of news and data this week. A crucial Consumer Confidence reading will be published today, the Federal Reserve’s interest rate decision is tomorrow, and monthly jobs numbers will be on Friday. US futures are trading higher ahead of another earnings report wave. Washington politics were a highlight yesterday as an indictment was delivered regarding the Russian influence probe. Trading sentiment may remain rather tame as investors wait for all risk events to play themselves out this week.
Asian investors have remained cautious and turned in another day of light selling on the major Indexes, including the Nikkei and Hang Seng. The Bank of Japan kept its monetary policy in place today, surprising no one. The Caixin Manufacturing Purchasing Managers Index figures will be released early on Wednesday for China.
French Consumer Spending data was better than expected today. The Euro, however, has remained a laggard in forex against the U.S Dollar. The Pound has sustained gains made yesterday, even though data from the U.K has been rather lackluster. Money Supply figures from Britain were below expectations. But it is the anticipated interest rate hike from the Bank of England on Thursday, which continues to fuel speculative trading for the Pound as it traverses near 1.32 against the U.S Dollar.
Gold prices dropped this morning and are around 1273.00 U.S Dollars an ounce, but continue to trade in a tight range. Traders may be positioning themselves as a risk adverse precaution, and ahead of the central bank pronouncements coming from the States and the U.K tomorrow and Thursday.
Canadian Growth Numbers, U.S. Consumer Survey Reading
Investors will pay attention to the Conference Board’s Consumer Confidence results at 14:00 GMT from the States.
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.