Solid Manufacturing PMI numbers from the U.S helped propel Wall Street higher on Monday. While Manufacturing PMI figures from the U.K were disappointing. The Nikkei Index has powered higher this morning.
Significant Gains on Wall Street, Dow Jones above 22,500 Juncture
Manufacturing Purchasing Manager Index numbers from the Institute for Supply Management beat their forecasts on Monday with a solid outcome of 60.8.The stronger than expected results helped propel Wall Street to new highs. The Dow Jones Industrials will start the day above the 22,500 level. The three major Indexes on Wall Street have put in significant gains the past four weeks. The U.S Dollar remains strong, and investors are aware the Non-Farm Employment Change numbers will be published on Friday.
Japanese Equities Higher, Risk Appetite Showing Teeth
As Golden Week in China continues and its markets remain closed, Japan’s equities have surged. The Nikkei and Topix Indexes have seen strong buying this morning. Monetary Base statistics from Japan were below their estimates, but buying sentiment for Japanese equities remains dominant. The Yen has weakened against the U.S Dollar is above the 113.00 juncture.
Spain’s IBEX Sinks on Monday, Euro Displaying Weakness
Manufacturing data from Europe met expectations yesterday and most European equity markets climbed, but the Spanish Ibex Index did sink. The Euro has continued to display weakness against the U.S Dollar. Construction statistics will come from the U.K today, and yesterday’s manufacturing reading proved disappointing and the Pound sold off. Tomorrow Services data will come from Europe.
Speculative Elements Selling Crude Oil, Consolidated Range Known
U.S Crude Oil prices came under pressure on Monday . The commodity remains above 50.00 U.S Dollars a barrel. After putting in solid gains the past few weeks, U.S Crude Oil appears to have met strong resistance and its known range may be factoring into speculative elements which have been selling the commodity.
U.K. Construction Data Coming, Jerome Powell in Washington, D.C.
The U.K will present its Construction Purchasing Managers Index reading at 8:30 GMT.
- 8:30 AM GMT U.K., Construction PMI
- 12:30 PM GMT U.S., Federal Reserve Member Powell Speaking
Yaron Mazor is a senior analyst atSuperTraderTV.
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This article was originally posted on FX Empire