Selling Ends Wall Street’s Winning Streak, Housing Data on Thursday
Although Wall Street opened with gains, the three major Indexes were not able to sustain buying momentum and slumped as Tuesday ended. The Empire State Manufacturing Index reading yesterday came in slightly below expectations. Today the Federal Reserve’s Beige Book will be published.
Machine Orders in Japan Surge, Growth Numbers from China Tomorrow
Core Machinery Orders data from Japan produced a stellar gain of 5.7%, which massively surpassed its targeted result of minus -1.3%. The Nikkei Index has seen cautious selling this morning. China will release important Gross Domestic Product numbers tomorrow. The Yen remains strong and is near 110.80 against the U.S Dollar.
Inflation Data will be Catalyst for ECB, Euro & Pound Remain Strong
U.K inflation data essentially met expectations on Tuesday. The European Union’s Consumer Price Index will be released this morning and will serve as a catalyst before next week’s European Central Bank meeting. The Euro and Pound continue to maintain their top tier values against the U.S Dollar in early trading. The Pound is hovering below the 1.38 level against the U.S Dollar.
Gold Holds Value after Sell Off, Risk Management Tools Needed
Gold experienced selling pressure on Tuesday, but has held its value the past few hours as it trades near 1336.00 U.S Dollars an ounce. The precious metal is likely to see speculative trading near term and traders should have their risk management tools ready.
Canadian Interest Rate Decision, European Inflation Data Coming
The Consumer Price Index results from the European Union will spark trading interest at 10:00 GMT.
- 10:00 AM GMT E.U, Final Consumer Price Index
- 15:00 PM GMT Canada, Bank of Canada Monetary Policy Report
- 19:00 PM GMT U.S, Federal Reserve’s Beige Book