Yahoo Finance German Turmoil and US Tax Reform Weigh on Markets, Bitcoin Breaks $8100
Forex markets have responded to the political turmoil in Germany with volatility early, but have seen the Euro and Pound regain some equilibrium. Angela Merkel’s attempt to create a government failed this weekend in Germany. ECB President Draghi will speak today.
US Futures Flat, Light Data from the U.S Today
Wall Street went into the weekend with a decline. It will be a light day of data from the States with only the Conference Board’s Leading Index being reported. Investors will start to eye the Thanksgiving holiday which is on Thursday, and position themselves today and tomorrow for the long holiday weekend to come. Core Durable Goods Orders numbers will be released on Wednesday, but trading volumes will become light as institutional investors in the States start to disappear.
Bitcoin Hits Another Record High
Bitcoin price continues to break record-highs and on Monday, another record has been broken as Bitcoin climbed above $8000 for the first time. The most popular cryptocurrency is trading at $8189, up 1.70% at the time of writing. By reaching that price, Bitcoin’s market cap is around 136 Billion.
Solid Japanese Trade Balance Data, Asian Equities Regain Their Footing
Asian equities opened with swift declines this morning but were able to recapture some buying impetus late in their trading sessions. The Nikkei did finish with a loss, but it was not turbulent. Trade Balance numbers in Japan were much better than the anticipated outcome today, and the Yen remains strong against the U.S Dollar and is near the 112.00 juncture.
Euro Trading Aggressively, Merkel’s Collapse Worries Investors
Chancellor Angela Merkel’s attempts at forming a ruling government collapsed this weekend, and has created massive volatility for the Euro. The European currency is trading aggressively – and it has regained a large amount of its value, which was lost upon its steep decline early today. Traders need to be alert. And European Central Bank President Draghi could impact the Euro as during his speaking engagements today. Inflation Hearings will be held in the U.K tomorrow and the Pound should be watched too.
Wagering on a Springboard Upwards, Resistance Looms Above
Gold has traversed a careful range this morning as forex markets have been volatile. The precious metal is near 1292.00 U.S Dollars an ounce and speculators may be wagering on a springboard upwards, but resistance has proven tough the past month with Gold.
Draghi Testifies to European Parliament, Leading Index Data from States
Traders will listen for clues via European Central Bank President Draghi’s economic testimony in Brussels which starts at 14:00 GMT.
14:00 PM GMT E.U., ECB President Draghi Speaking
15:00 PM GMT U.S., Conference Board’s Leading Index
Yaron Mazor is a senior analyst at SuperTraderTV.
SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.
This article was originally posted on FX Empire
