Inflation data from the U.K turned in surprisingly strong numbers via the Producer Price Index this morning and other reports. The Pound has surged in value. Wall Street is expected to open with more gains, following in the footsteps of yesterday's positive market action.
More Gains Expected on Wall Street, Apple Launch Attracting Attention
Wall Street enjoyed a strong day of trading on Monday, and the three major Indexes are expected to open with gains per calls from the Future Markets. The Jolts Job Openings data will be published today, but it is tomorrow's Producer Price Index which will get a lot of attention. Investors will watch Apple's corporate shares closely because of its major product launch which is scheduled to take place today.
Nikkei and Topix See Strong Buying, Hang Seng Continues Bullish Run
Japanese equities kept their improved momentum today. The Nikkei gained more than 1%. The U.S Dollar strengthen against the Yen steadily and is trading near 109.60. The weakness in the Yen reflects the sudden turnaround of risk sentiment in Asia as investors have become more optimistic. Japan will release inflation data on Wednesday which should be monitored.
British Inflation Surges, Pound Spikes Higher on Inflation Data
Inflation data from the U.K this morning came in stronger than expected from a slew of reports. The Consumer Price Index rose 2.9 percent and the Producer Price Index had a gain of 1.6 percent. The surge in inflation has fueled a spike in the Pound , which is now trading well above the 1.32 level against the U.S Dollar. The strength of the Pound has created downward pressure on the Footsie Index for the time being. U.K traders will remain nervous as the Bank of England approaches with its Monetary Policy Summary on Thursday.
Gold Battling Headwinds, Downward Shadow Hovers over Gold
Gold has battled headwinds early today. The price of the precious metal is near 1326.00 U.S Dollars an ounce. Gold appears to be under a speculative downward shadow as risk appetite emerges in the broad markets, particularly global equities in the short-term.
U.S. Jobs Statistics Today, Economic Data from Japan Later
The Jolts Job Openings numbers will come from the U.S at 14:00 GMT and investors will pay attention to the results.
- 14:00 PM GMT U.S., JOLTS Job Openings
- 11:50 PM GMT Japan, Producer Price Index
Yaron Mazor is a senior analyst atSuperTraderTV.
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This article was originally posted on FX Empire
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