Wall Street will open in record territory today after the long holiday weekend. The Nikkei Index has gained this morning, and Industrial data from Japan produced a solid gain per data released.
Wall Street to Open in Record Territory, Federal Reserve on Traders Lips
Wall Street will open in record territory as U.S investors return to work. The Empire State Manufacturing Index will be issued today. However, traders will still be talking about last week’s inflation data which was lackluster and increases the perception the U.S Federal Reserve may have to take a step back from their hawkish interest rate stance.
Crypto Prices Drop Sharply, Led by Ripple
Cryptocurrencies are trading sharply lower on Tuesday morning as investors react to the South Korean regulator’s threat. Currently, the crypto future seems uncertain in South Korea. Bitcoin dropped 11.85%, trading at $12,013, Ethereum down 15.93% at $1110 and Ripple is at $1.37, down 25%.
Industrial Activity Solid in Japan, Nikkei Index Produces Gains
Japan’s Tertiary Industrial Activity reading produced a solid gain of 1.1% this morning. The Nikkei Index has risen and has added more than 6 percent value the past month. The Yen remains strong against the U.S Dollar but has weakened slightly the past few hours. Japan will issue Core Machinery Orders statistics on Wednesday.
Key Inflation Numbers on Calendar, Sentiment under the Microscope
Important Consumer Confidence data will come from the U.K today, and tomorrow the European Union will release their own inflation figures. The Pound and Euro have maintained their gains against the U.S Dollar, and the next two days of trading for the currencies could prove important as forex sentiment is put under the microscope by investors.
Consolidated Day of Trading for Gold, Vital Resistance Being Tested
Gold has experienced a consolidated range the past day, but traders should be prepared for plenty of activity as U.S markets return to full power. The precious metal is near 1342.00 U.S Dollars an ounce and is touching vital resistance last seen this past September.
Inflation Numbers from Britain, New York Fed Manufacturing Data
The U.K will release its Consumer Price Index reading at 9:30 GMT and the results will have an impact on the Pound.
- 9:30 AM GMT U.K, Consumer Price Index
- 13:30 PM GMT U.S, Empire State Manufacturing Index
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
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