Yahoo Finance Investors Eye Wall Street’s Record Highs, US Futures Rise
Economic data via Industrial Production from Germany showed an improvement this morning and the Sentix Investor Confidence reading was better than expected for the European Union. Markets may see light trading this afternoon as the U.S celebrates Columbus Day and Canada has its Thanksgiving holiday.
Light Trading Expected in States, Fed Publication Being Anticipated
The jobs data on Friday produced conflicting data for traders. While the Non-Farm Employment Change numbers were negative, the Average Hourly Earnings were solid with a gain of 0.5%. U.S markets will be relatively quiet today because of Columbus Day, and Canada is closed for Thanksgiving. Wall Street was cautious on Friday but remains comfortably near record highs. Traders are looking forward to the Federal Reserve’s Meeting Minutes report which will be published on Wednesday.
Services PMI from China Disappoints, Shanghai Shenzhen Posts Solid Gains
China returned from its Golden week holiday and Asian investors proved buyers on the Shanghai Shenzhen Index. The Caixin Services Purchasing Managers Index reading was presented for China and turned in a disappointing result of 50.6, below its estimate of 53.1. Japan will return from its holiday on Tuesday and deliver Current Account data, along with the Economy Watchers Sentiment numbers.
Solid Economic Data from the European Union, German Industry Strides Forward
German Industrial Production numbers bettered their expectations this morning with a strong gain of 2.6% compared to the estimated result of 0.9%. And the Sentix Investor Confidence reading published for the European Union produced an improved reading with a 29.7 outcome. The solid results have likely helped bolster confidence among European investors who remain nervous regarding the political complications in Catalonia, Spain. The Euro has been range bound early today. The U.K will see a Retail Sales Monitor report later tonight.
Thin Trading Conditions and Fast Results, Speculative Elements in Gold
Gold continues to traverse a dangerous range. Having gained early in the day, the precious metal is trading near 1285.00 U.S Dollars in fast conditions. A strong speculative element has affected Gold since Friday and traders need to remain vigilant for volatility in thin trading conditions.
Eurogroup Economic Conference in Brussels, U.K. Retail Sales Data
Investors will remain primed for any developing news and statements which may come from the Eurogroup meetings taking place today in Brussels.
All Day E.U., Eurogroup Meetings
11:01 PM GMT U.K., BRC Retail Sales Monitor
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
