Signs of an improving labor market and better than expected
services-sector growth helped to support U.S. equity markets on Wednesday.
equity markets traded slightly higher following the release of an upbeat ADP
Employment Report and a positive ISM manufacturing number. Investors were churning
the indices at the mid-session before pushing them higher into the close. Most
of the day, it seemed that traders were sorting out whether these reports
represented an aberration or a change in trend.Traders were also most likely lightening up their positions ahead of
Fridayâ€™s Non-Farm Payrolls Report.
The good news regarding the economy helped dampen growth
concerns, pressuring Treasury Notes and Treasury Bonds. The pattern taking
place in the September Treasury Bonds suggests a possible lower-top formation
which could make Bonds vulnerable to a sell-off if the last swing bottom at
126â€™01 is violated.
Demand for gold has been rising since last weekâ€™s bottom. Investors
should watch this market closely especially if stock indices weaken. The money
leaving the equity markets will have to go somewhere and gold may be the place
it lands. A weaker Euro is also likely to stimulate interest in gold as a
hedge. December Gold is rapidly approaching a pair of downtrending Gann angles.
They may stop the rally temporarily, but ultimately this market seems to be
headed toward a major 50% level at 1215.00.
The British Pound is trading lower against the Dollar after
better-than-expected U.S. economic reports regarding private payrolls and ISM
manufacturing. The positive nature of both upbeat reports dampened worries
about the U.S.
received its initial pressure after July services PMI posted an unexpected
decline. The weakness in this number raised some concerns that the economy may
be cooling down. Despite a recent rise in second quarter GDP and relatively
high inflation, investors are still worried the new austerity measures combined
with higher taxes will cool down the economy.
Along with the Sterling,
the Euro was also down for the first day in close to a week. The weaker tone
was set in the Euro following a worse-than-expected final July services PMI
reading for the Euro Zone. The services purchasing managers index for the EZ
rose slightly to 55.8, but fell short of a preliminary reading of 56.0.
In addition to the bearish economic reports, traders may be
shedding Euros and Pounds ahead of tomorrowâ€™s Bank of England and European
Central Bank policy meetings on August 5. Both central banks are expected to
keep interest rates unchanged at historically low levels. The BoE is going to
address the effects of the new austerity measures and tax hikes on monetary
policy and ECB President Trichet will discuss the surprise strength in the Euro
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Mon 26 Feb 2018 A 15:00 US- New Homes Sales Tue 27 Feb 2018 A 08:55 DE- Jobless B 13:30 US- Durable Goods A 15:00 US- CB Consumer Confidence A 15:00 US- Pending Homes Sales AA 15:00 US- Powell House Testimony Wed 28 Feb 2018 A 10:00 EZ- flash HICP AA 13:30 US- GDP A 15:30 US- EIA Crude Thu 1 Mar 2018 A All Day final Mfg PMIs A 13:30 US- Weekly Jobless AA 13:30 US- Core PCE Deflator AA 15:00 US- Powell Senate Testimony A 15:30 US- EIA Crude Fri 2 Mar 2018 AA 15:00 US- final Univ of Mich
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