Yahoo Finance US Dollar Extends Fall, Asian Markets Gain
Dow Jones Close to Highs
Today in the US the GDP stats will be published and it could have a big effect on the markets depending on the numbers that come out. The U.S Dollar has been weaker recently versus most of their counterparts. Wall Street roared upwards yesterday as the central bank statements had practically no effect on investors. The Dow Jones Industrials is now close to the all-important level of 21,500. If the GDP number should beat expectations, it could short term propel U.S Dollar buying, but if the number should happen to disappoint – the U.S Dollar will most likely sell off substantially.
Speculative Trading Increases in Asian Markets
Earlier in the day The Nikkei, Topix, Shanghai Shenzhen and the Hang Seng markets moved ahead nicely with firm gains. Tomorrow from Japan critical numbers concerning Inflation and Household Spending will be reported upon. Also the vital Manufacturing numbers from China will be published. Because of the positive commentary from Central Bank Leaders pertaining to advances in the global economy, Asian investors seem to be speculating more. And moreover they said for growth to continue, monetary policy will need to be fine-tuned when necessary. The 112.00 level should be in focus by traders in the near future as the Yen recently has range traded against the U.S Dollar.
European Equities Remain Tentative
European equities were tentative yesterday and the Pound and the Euro moved up nicely versus the US dollar, as both currencies separated from their respective short term resistance levels. This morning Net Lending to Individuals data will be reported from the UK. Investors should use yesterday’s European Central Bank forum statements in their trading strategies, and it should be an exciting day for stock exchanges in Europe as other global markets have had substantial gains.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
