Investors in the U.S exhibited nervousness as political hurdles have started to be seen regarding the proposed tax reform package. Trade Balance numbers from China were lackluster today. Crude Oil Supply numbers will come from the States later.
Tax Reform Running into Gridlock, Nervousness in U.S Markets
A cautious day of trading took place on Wall Street, as investors’ nervousness grows due to the gridlock being heard in Washington as the promised tax reform package runs into political hurdles. It will be a relatively frugal day of data from the States, but Canadian housing sector statistics will be released including Building Permits figures. The US Dollar still holds versus major currencies but showed vulnerability as US tax reform package weighs.
Trade Balance Numbers Miss Target in China, Asian Equities Remain Firm
Asian equities continue to see buyers emerge, but the Nikkei Index has seen some slight selling today. Trade Balance numbers from China came in below their expectations this morning. President Trump will arrive in China today after his visit to South Korea. Important inflation data via a Consumer Price Index reading will come from China tomorrow.
European Equities Cautious Early, Economic Forecasts Report Tomorrow
Data from Europe and the U.K will be extremely light today. French Trade Balance numbers have already been released. The Euro and Pound continue to experience headwinds against the U.S Dollar. Tomorrow the European Union’s Economic Forecasts report will be published. European equities produced declines on Tuesday and are expected to trade cautiously today.
Gold Experiences a Tranquil Day of Trading, Resistance Battle Underway
Gold has managed not to give traders nightmares the past twenty-four hours as it has experienced a rather tranquil range. The precious metal has put in slight gains this morning and is near 1280.00 U.S Dollars an ounce. However, Gold has not been able to break through strong resistance and speculators are likely studying this price level carefully.
Canadian Housing Data, Energy Supply Figures from U.S
Commodity traders will examine the U.S Crude Oil Inventories report upon its release at 15:30 GMT.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
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