New Record Levels Possible on Wall Street, US Futures Point to a Slightly Positive Open

Wall Street may be ready for new record highs today. The Dow Jones Industrials is expected to resume its upwards pace upon opening. Tax reform and quarterly earnings continue to be a focus for investors. Average Earnings Index numbers from the U.K today showed an increase.

Dow Jones Industrials to Set New Mark, Indexes Being Called Higher

Housing sector figures will come from the States today, but investors will remain focused on quarterly earnings reports from Wall Street and pronouncements from the White House. President Donald Trump continued to push his ideas about tax reform yesterday. The Dow Jones Industrials has approached the 23,000 level and is expected to open with gains today per early trading in the Futures Markets.

GDP Numbers from China Tomorrow, Hang Seng Index Stays Positive

Asian equities produced cautious results today but showed the ability to drift upwards. The China National Congress began today and investors are taking notes. The Hang Seng Index is up nearly two percent the past month. Tomorrow important Gross Domestic Product data and Industrial Production figures will come from China. The Yen has been weaker this morning against the U.S Dollar.

Pound & Euro Remain Under Pressure, Average Earnings Index Increases

Average Earnings Index data came in slightly higher than expected today with an outcome of 2.2 percent from Britain. The Pound has remained in a tight range and continues to traverse below the 1.32 level against the U.S Dollar. Economic data from Germany proved lackluster on Tuesday and the Euro has continued to also experience some downward pressure. The European Central Bank’s conference has begun in Frankfurt this morning.

Early Morning Pressure on Gold, Reversal Continues Downwards

Gold has been under pressure this morning. The precious metal has sunk to short-term lows and is near 1282.00 U.S Dollars an ounce. Volatility in Gold has been pronounced early this week, as speculative elements have sold the commodity after it reversed off strong resistance.

Housing Sector Publications from States, Fed’s Economic Conditions Report

Traders will pay attention to the Building Permits data which will be released at 12:30 GMT as housing sector statistics are published.

• 12:30 PM GMT U.S., Building Permits

• 14:30 PM GMT U.S., Crude Oil Inventories

• 18:00 PM GMT U.S., Beige Book from Federal Reserve

Yaron Mazor is a senior analyst at SuperTraderTV.

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This article was originally posted on FX Empire

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