Records Ready to Be Broken on Wall Street

The Dow Jones Industrials is set to test record highs today. Trade Balance figures from Japan and Italy have shown improvements today.

Dow Jones Set for New Records, Investors Anticipation Grows on Wall Street

Data will be relatively light from the U.S today, with only a housing index report on the schedule. However, investors are focused on potential developments from Washington regarding the promised tax reform package. Wall Street is expected to open higher today via indications from the Futures Markets. The Dow Jones Industrials appears ready to test the 24,700 level.

Nikkei Catapults Higher on Corporate Hopes, Yen Range Trading

The Nikkei Index gained more than 1 and a half percent today. Risk appetite has catapulted higher on the belief the U.S will approve its tax reform legislation this week, which investors believe could have a positive impact on corporations globally. Trade Balance numbers from Japan were positive today also, but the Yen has range traded against the U.S Dollar early. And the Bank of Japan’s monetary policy statement on Thursday is also heavily being anticipated.

Italian Trade Balance Improves, Euro Puts in Slight Gains

Italian Trade Balance numbers have come in stronger than estimated this morning, which continues the recent streak of solid economic data for the European Union. While the European Central Bank stuck to its guns last Thursday, making no change in policy, incremental improvements in the E.U continue to be seen economically. The Euro has gained slightly today in early trading against the U.S Dollar but is still below the 1.18 level which may lead to more speculative buying positions of the European Currency.

Volatile Conditions Expected for Gold, Breakouts Expected as Volumes Thin

Volatile conditions can be expected for Gold in the coming days as trading volumes lessen because of the upcoming Christmas holiday. The precious metal is near 1257.00 U.S Dollars an ounce in consolidated trading this morning, but traders should be prepared for breakouts.

Canadian Foreign Investment Data, U.S Housing Data Today

Traders will examine the Housing Market Index survey from the U.S at 15:00 GMT upon its release.

• 13:30 PM GMT Canada, Foreign Securities Purchases
• 15:00 PM GMT U.S., NAHB Housing Market Index

Yaron Mazor is a senior analyst at SuperTraderTV.

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