Carney Talks Inflation and Potential Move, Pound Drops after the Data

The Pound has seen fast trading and will continue to remain volatile today as Bank of England Mark Carney’s comments are digested via his dialogue with the British Treasury. Industrial Production numbers will come from the States today.

Questions and Answers Churn Traders, Volatile Pound Next Few Hours

The Pound has traded in a volatile manner as the testimony from Bank of England Governor continues to be digested. The U.K also released inflation data today, but forex is responding to the Bank of England Governor’s comments. A speculative atmosphere is likely to continue with the Pound and Euro the remainder of the day as the dialogue Carney has with the British Treasury is dissected via the question and answer period. The pound falls 0.38% versus the US dollar after inflation data and Carney’s comments.

Trump Tax Package Rhetoric, Record Highs Sustained on Indexes

President Trump began to push his tax reform rhetoric on Monday. Senate leader Mitch McConnell visited the InWhite House. A press conference was conducted following the meeting in which Trump predicted his plan would be passed. Wall Street responded by producing slight gains and sustaining record highs. Today Industrial Production numbers will be published, and Federal Reserve member Patrick Harker will be speaking.

Crucial Events from China Coming, Asian Markets Turn Relatively Cautious

Relatively cautious trading developed in Asia late in today’s session. A National Congress will get underway in China tomorrow, and one of its talking points will be the Hong Kong region and the way in which it will be governed. The Hang Seng had a relatively flat session today, while the Nikkei Index from Japan did see small gains. China will also release important Gross Domestic Product numbers on Thursday which could affect trading sentiment.

Precious Metal Reverses on Profit Taking, Support Levels Being Touched

Gold has reversed and gone lower short-term. The precious metal is near 1290.00 U.S Dollars an ounce. Resistance and the possible profit taking motives have combined has caused plenty of the downward movement. Gold needs to be watched carefully as its tests support levels now.

U.S. Output Numbers via Production, FOMC Member Patrick Harker

Investors will look at the Industrial Production numbers from the States with interest at 13:15 GMT.

• 13:15 PM GMT U.S., Industrial Production
• 17:00 PM GMT U.S., Federal Reserve Member Harker Speaking

Yaron Mazor is a senior analyst at SuperTraderTV.

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