31 Jan Traders Bracing for Important Economic Data, Stocks and Gold Down
The U.S Dollar has been stronger, and Wall Street is within record territory again. Europe will release GDP data tomorrow.
Busy Week Awaits U.S Traders, U.S Dollar Stabilizes in Forex
It will be a hectic week for market participants. Personal Income and Spending data will be released today, but President Trump’s State of the Union speech looms late tomorrow, and the Fed will release its monetary policy statement on Wednesday. Also in the cards, will be the jobs numbers which will come on Friday. The U.S Dollar has stabilized in forex against the major currencies, and on Wall Street bulls are still running wild.
Shanghai Shenzhen Takes a Hit, Cautious Selling Grows in Asia
Asian equities turned in rather cautious results as selling grew in intensity late in today’s trading session. The Yen remains below the 109.00 level versus the U.S Dollar. Tomorrow inflation and retail data will come from Japan. The Hang Seng and Shanghai Shenzhen composites lost value today, but both composites have posted solid gains the past month.
U.K Political Storms Brewing Again, E.U Growth Numbers Coming Tomorrow
The European Union will release Flash Gross Domestic Product data tomorrow. The U.K and E.U, however, will be very quiet today with no significant economic reports. But the Euro and Pound remain intriguing as they get challenged by those who question the strong gains they achieved last week. And U.K political infighting is escalating within the Tory government led by Theresa May and should be given attention.
Gold Retreating from Highs, Headwinds Prevalent for Precious Metal
Gold has remained under pressure this morning and is near 1346.00 U.S Dollars an ounce. The precious metal has retreated from its highs made early last week and has faced headwinds the past few days.
U.S Personal Income & Spending Reports, Japanese Inflation Data Tomorrow
U.S traders will pay attention to the results via the Personal Spending data at 13:30 GMT.
- 13:30 PM GMT U.S, Personal Spending
- 13:30 PM GMT U.S, Personal Income
Yaron Mazor is a senior analyst at SuperTraderTV .
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This article was originally posted on FX Empire
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