Major Economic Data to keep an eye on:
Make sure to keep track of economic news related to your open positions.
By the time you read this morning review, there were some economic news coming out of Japan. The Trade Balance and the Adjusted Trade Balance came lower than expected.
HKD – Hong Kong CPI (YoY) – 9:30 GMT
CAD – Wholesales (MoM) – 13:30 GMT
USD – Existing Home Sales (MoM) 15:00 GMT
USD – Crude Oil Inventories – 15:30 GMT
The S&P 500 registered its third consecutive gain, rising 0.7% to extend its weekly advance to 2.4%.
Thanks to Google’s surges, the Nasdaq was the leader of Friday’s session.
- DJIA +17.5% YTD
- S&P 500 +22.3% YTD
- Nasdaq +29.6% YTD
Japanese stocks rose in early Monday trading, with weaker-than-expected trade data pushing the yen lower, which in turn helped some export stocks. The Nikkei Stock Average added 1% to 14,704.36
Supported by Friday’s gain in the U.S. and after data showing exports grew less than analysts had projected, the dollar moved back above the 98-yen level. The pair lost 0.87% last week.
Support can be found at 96.81, the low of October 9th and resistance at 98.14, Friday’s high.
Most Asian stocks traded higher Monday following, as mentioned above, the record week for U.S. stocks as traders bet that the Federal Reserve will not imminently taper the $85 billion a month bond buying program
Australian stocks rose in early Monday trading, helped by Wall Street’s gains Friday, with the S&P/ASX 200 climbing 0.8% to 5,362.40 after closing the previous session at its highest level since before the start of the 2008 financial crisis.
The Australian dollar traded lower against its U.S. rival during Monday’s Asian, backing off five-month highs even
The U.S. dollar traded higher against most of its major rivals during Monday even as traders appear willing to be bet that the Federal Reserve still is not close to tapering its quantitative easing program.
The recent government shutdown cost the world’s largest economy hundreds of millions of dollars per day in lost economic output, meaning the Fed may have no choice but to keep intact its USD85 billion-a-month bond-buying program until next year.
Oil futures are little changed during Monday’s Asian session and are hovering around the $101 level, but all this can change this week when U.S. economic data releases, since the U.S. is the world’s largest oil consumer.
Gold futures traded slightly higher in the early part of Monday’s Asian session. Gold futures for December delivery rose 0.22% to $1,317.50 per troy ounce. Gold prices surged on Thursday as the U.S. dollar came under heavy selling pressure after the U.S. Congress passed a bill to reopen the government and raise the debt ceiling.
