The Federal Reserve increased their interest rate by a quarter of a point on Wednesday. The Bank of England and European Central Bank will release monetary policy statements today. The U.S Dollar has been weaker in forex. Retail Sales will come from the States and Britain today.
Federal Reserve Surprises No One, Trump Seeks Tax Reform Passage
The Federal Reserve increased its interest as expected on Wednesday by a quarter of a point. The U.S Dollar got weaker upon the release of the Fed’s monetary policy statement. The Fed anticipates more hikes in 2018, but investors also know a new Fed Chairman will be in charge of the central bank starting in February. Retail Sales numbers will come from the States today. And tax reform political maneuvering continues as President Trump tries to find enough votes to get his legislation passed in Washington.
China and Japan Industrial Data Meet Expectations, Yen Stronger Early
Industrial Production numbers from China and Japan met expectations early this morning. Asian equities have seen cautious selling emerge, but the Yen has been stronger against the U.S Dollar and is testing support around 112.50. The Tankan Manufacturing Index reading will be released for Japan early on Friday.
Draghi’s Outlook the Key for Traders, Pound & Euro Gain Swiftly
The Bank of England and European Central Bank will release their monetary policy statements today. Neither central bank is expected to change their interest rate policy. However, the ECB’s outlook will be given careful consideration as investors look for clues regarding a timetable for a tightening of stimulus. The Pound and Euro gained against the U.S Dollar yesterday, but European equities produced declines. Retail Sales morning will come from the U.K this morning.
Energetic Buying Emerges for Gold, Investors Nervous with Precious Metal
Energetic buying developed for Gold upon the U.S Fed’s interest rate hike yesterday which was widely anticipated. The precious metal is near 1258.00 U.S Dollars an ounce and will face another speculative day from investors who will continue to be nervous in the Gold market near term.
European Central Bank Comments, Retail Sales from U.K and U.S
Traders will listen carefully to President Mario Draghi’s answers at the European Central Bank’s Press Conference which will begin at 13:30 GMT.
- 9:30 AM GMT U.K., Retail Sales
- 12:00 PM GMT U.K., Bank of England Monetary Policy Summary
- 13:30 PM GMT E.U., European Central Bank Press Conference
- 13:30 PM GMT U.S., Core Retail Sales
Yaron Mazor is a senior analyst at SuperTraderTV.
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