Selling Ends Wall Street’s Winning Streak, Housing Data on Thursday
The Dow Jones finished above the 26,100 level and the S&P surpassed the 2,800 mark on Wednesday, in another record performance from Wall Street. The promise of structural tax reform and a friendly business environment via the U.S government is spurring on investors. And the Bank of Canada raised its interest rate as expected yesterday. Today Crude Oil Inventories will come from the States.
Bank of Japan Being Watched, Nikkei Index Produces Cautious Gains
The Yen has weakened and is above the 111.00 juncture versus the U.S Dollar. Economic data from Japan has been impressive this week, which has led some analysts to suggest the Bank of Japan may begin to change its monetary policy. The Nikkei Index has gained cautiously this morning, along with the Shanghai Shenzhen composite from China.
Euro Inflation Meets Expectations, Pound Gains on Brexit Consideration
The Euro has come off its highs against the U.S Dollar and is below 1.22. Inflation data from the European Union met its target yesterday, which sets traders up for next week’s European Central Bank pronouncements. The Pound was stronger however yesterday, as some British politicians suggested a softer approach to the Brexit is possible. European equities continued to produce selling on Wednesday.
Traders Nervous in Gold, Profit Taking Could Prove Attractive
Gold experienced additional selling pressure on Wednesday. The precious metal is near 1327.00 U.S Dollars an ounce. Market conditions appear fragile as traders consider the stellar gains made in the commodity the past month, and the notion profit taking will continue to be attractive.
U.S Housing Sector Data Today, Oil Supply Numbers from States
Building Permits data will come from the U.S at 13:30 GMT and investors will look at the results.
- 13:30 PM GMT U.S, Building Permits
- 16:00 PM GMT U.S, Crude Oil Inventories