Yellen & U.S Growth Data Will Impact Markets, US Futures Point to a Higher Open
Gross Domestic Product numbers will come from the States today. OPEC meetings are underway. Fed Chairwoman Janet Yellen is speaking today before Congress. The Pound has gained on the positive Brexit news.
Substantial Force on Wall Street, U.S Dollar Weaker in Early Trading
U.S equity investors showed substantial force on Tuesday, as they got a bullish push from political developments in Washington which showed signs of progress regarding tax reform. Gross Domestic Product numbers will be published today, which will impact the broad markets. The U.S Dollar has lost ground to the Euro and Pound early this morning.
Equities Remain Stable in Asia, Retail Sales Data Stumbles in Japan
North Korea’s test launch of a missile late last night has not deterred Asian investors, who continue to show a taste for equities, particularly in Japan. The Yen has range traded against the U.S Dollar and is near the 111.40 ratios. Retail Sales from Japan were slightly below their expectations this morning. Manufacturing data will come from China on Thursday.
Pound Surging Higher Early, French Economic Data Mixed
French Consumer Spending numbers shrank and missed their estimates this morning. The minus -1.9% fall was a surprise, but French Gross Domestic Product figures did match their forecast. Politicians in the U.K have hinted a deal may be within reach with the European Union for the Brexit, this news has helped the Pound significantly and is traversing the 1.34 level against the U.S Dollar.
Gold Fireworks Expected, Resistance Battled by Traders
Gold has put in slight gains this morning and is near 1294.00 U.S Dollars an ounce. Volatility has been dynamic for the precious metal the past month, and a test of resistance will bring about more fireworks for traders.
Yellen Testimony to Congress Today, U.S Growth Numbers on Schedule
Federal Reserve Chairwoman Janet Yellen will begin her testimony before Congress at 15:00 GMT.
- 13:30 PM GMT U.S., Preliminary Gross Domestic Product
- 15:00 PM GMT U.S., Fed Chairwoman Janet Yellen Speaking
- 15:30 PM GMT U.S., Crude Oil Inventories
Yaron Mazor is a senior analyst at SuperTraderTV.
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