Forex remains volatile early today, as the U.S Dollar has powered higher against the Euro and Pound. The Yen has also been weaker. Core Durable Goods Orders will come from the States today. Tomorrow GDP numbers will be published.
Tax Reform Viewed Skeptically, Core Durable Goods Orders Today
Talk about tax reform has overtaken the investor landscape, but like the Federal Reserve's 'promised' interest rate hikes, traders remain somewhat skeptical. Wall Street remains near record highs but has stumbled early this week. Today Core Durable Goods Orders will come from the States, and tomorrow the always important Gross Domestic Product results will be published. The U.S Dollar has been strong against most of the major currencies the past day.
Kuroda Speaking Tomorrow, Yen Nearing Important Resistance
While the Nikkei and Topix continued to produce slight declines today, the Hang Seng powered higher. Interestingly, the Japanese Indexes are higher the past month, while the Hong Kong exchange is actually negative the past four and half weeks. And the Yen remains weak and is a touch below 113.00 against the U.S Dollar. Bank of Japan Governor Kuroda will speak at an economic conference early on Thursday.
Pound Sinking to New Short-Term Lows, German Data Tomorrow
The U.K has seen the Realized Sales via the Confederation of British Industry, but its effect has been limited. The Pound remains on its weaker legs against the U.S Dollar and the 1.34 level is being tested by speculators. The Euro has also been taken lower this morning. European equities have traded higher early, which may be a result of the weakened European currencies in the short term. Tomorrow German Consumer Climate results will be brought forth.
U.S. Crude Oil Supply Figures, Crude Oil's Recent Climb Remains Intact
Crude Oil Inventories numbers will come from the U.S today and will be watched intently by commodity traders. Three weeks after the impact from Hurricane Harvey , traders will watch the supply numbers for a correlation regarding U.S Crude Oil's recent price climb, which is above 52.00 U.S Dollars a barrel now.
U.S. Housing Numbers Today, Important Production Statistics from States
Core Durable Goods Orders from the States will be released at 12:30 GMT and provide intriguing numbers for traders to consider.
- 12:30 PM GMT U.S., Core Durable Goods Orders
- 14:00 PM GMT U.S., Pending Home Sales
- 14:30 PM GMT U.S., Crude Oil Inventories
Yaron Mazor is a senior analyst atSuperTraderTV.
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This article was originally posted on FX Empire
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