Asian markets have been positive except for the Nikkei Index which has been lackluster. The Yen has been strong against the U.S Dollar. Consumer Price Index data will come from the U.K today and will impact the Pound.
Nikkei Index Lackluster Early, Wall Street Momentum Continues
Japanese investors has returned from their holiday and turned in a cautious session. After Wall Street managed to gain on Friday and produced further climbs yesterday, some expected the Nikkei Index to react with a lunge higher – but that has not materialized. However other Asian exchanges have been positive, the Hang Seng and Shanghai Shenzhen composites have done well today. Japanese inflation data met its target via the Producer Price Index earlier. European equities were positive yesterday and have opened with gains this morning. And U.S investors will remain under the spotlight to see if they can maintain better momentum.
BoE Member Ian McCafferty Says Hikes Could Surprise, Pound Stays Weak
Important inflation data will come from the U.K, which will have an effect on traders. Bank of England member Ian McCafferty stated yesterday that interest rates may climb faster than anticipated in Britain, because inflation remains higher than expected. The Pound however has remained under pressure early and is near 108.50 against the U.S Dollar. The Euro has put in incremental gains and is around the 1.23 level. And the Yen has been strong and is near 108.30 versus the U.S Dollar.
Gold Pushes Higher, Precious Metal in Focus as Global Economy Grows
Gold has pushed slightly higher early and is near 1325.00 U.S Dollars an ounce. The precious metal has come off low water marks made last week effectively, and speculation in the commodity remains active. Gold is likely to be a focus for investors moving forward as they contemplate better economic data globally.
U.K Inflation Data to Cause Stir, FOMC Member Loretta Mester Speech
The Consumer Price Index data from the U.K at 9:30 GMT will cause a stir for the Pound and forex.
- 9:30 AM GMT, U.K, Consumer Price Index
- 13:00 PM GMT U.S, Federal Reserve Member Mester Speaking