02 Feb Tranquil Markets as Traders Look Forward, Global Stocks Mostly Higher
Wall Street made modest gains yesterday, but traders essentially appear to be waiting on tomorrow’s important jobless data from the States to make their next big moves.
Federal Reserve Outlines a March Hike, U.S Dollar a Touch Stronger
The U.S Federal Reserve kept its monetary policy in place last night with no major changes. However, the central bank also highlighted via its use of the word, further, to indicate additional interest rate hikes are planned – potentially as soon as March. However, the U.S Dollar essentially range traded, yes it did pick up some strength incrementally, but its trading action did not look like it was a reaction to the Federal Reserve necessarily. It is possible global investors are waiting on the tomorrow’s jobless data from the States to make their next big moves in forex.
Moderate Gains on Wall Street, Cautious Opening in Europe this Morning
Wall Street was able to turn in moderate gains on Wednesday, which stopped the selling seen earlier this week. Quarterly earnings reports will continue from the U.S corporate sector today after yesterday’s massive release of tech giant reports. The U.S will release manufacturing data, as will the U.K and European Union. Japan has seen the Nikkei Index advance early this morning, but equities on the Chinese composites have been negative. European Indexes were mixed yesterday and have opened cautiously again. U.S economic data was stronger yesterday via the Chicago PMI and Canada’s GDP results met their targets.
Positive Mid-Term Trend for Gold, Speculative Crowd Active in Precious Metal
Gold has proven bullish early this week and is near 1344.00 U.S Dollars an ounce. The commodity has been able to reassert itself after coming under pressure late last week. Its surge the past two days continues to highlight a speculative crowd remains active and views its mid-term trend positively.
Manufacturing Data from E.U, U.K, and States, U.S Jobs Numbers Tomorrow
The Manufacturing Purchasing Managers Index from the U.K will be looked over carefully when it is issued at 9:30 GMT.
- 9:30 AM GMT, U.K, Manufacturing PMI
- 15:00 PM GMT, U.S, ISM Manufacturing PMI
Yaron Mazor is a senior analyst at SuperTraderTV .
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This article was originally posted on FX Empire
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