Yesterday, Eur/Usd was trading firm in the green by the end of the day because of positive statistical block from the EU, despite the day-off in US. Business activity indices in the EU showed strong growth as the actual data came out better.

But at the same time, the political crisis in Germany continues to hang over the euro. While the situation is in a "suspended state", and most likely will be further developed next week. German president will meet with representatives of all factions to assess the situation.

Strangely enough,there is a similar situation in the United States. In connection with the holidays, the battles over the tax reform for the time being quieted down and will probably receive their offer next week, when the Senate is likely to vote on its version of the bill.

Today, the only hope the market participants can place on is the Index of the business climate in Germany, which was published. The indicator outperformed expectations at the level of 117.5 against the forecast of 116.6 and the indicator of the previous month of 116.8. These data caused a certain revival in the market with a predominantly initiative on the bull side.The technical picture has not change significantly for last session.

Recommendations: Watch for this week’s market closure

Fort Financial Services

Asian equity indexes headed for a mixed close on Friday, with traders awaiting for Wall Street to return after the Thanksgiving holiday and as the economic calendar remained empty.

<<< Data by 05:20 GMT >>>

Australia ASX S&P -6.50 -0.11% 6,061.00

Shanghai Composite -20.87 -0.62% 3,331.04

Hong KOng Hang Seng +79.50 +0.27% 29,787.44

Japan Nikkei 225 +32.56 +0.14% 22,555.71

Taiwan TSEC 50 Index -4.66 -0.04% 10,849.91

No relevant data was scheduled in Asia. Ahead in the day, traders will keep an eye in Europe and the United States alike. Germany’s business expectations, current assessment and lfo business climate for November are due for release at 09:00 GMT.

In the US, manufacturing and services PMIs for November are up at 14:45 GMT. American markets will close earlier today.

On the data front, shares of Mitsubishi Materials plunged by 8.56 percent as the company recognized some of its units altered product data to meet requirements.

In other news, Australia’s department store Myer added 0.7 percent after board members confronted a dissident shareholder with a 10.77 percent stake.

E-commerce giant Amazon launched trial operations in Australia, although there has not been an official confirmation from the company’s leadership.

On Wednesday, the tech-heavy Nasdaq Composite ended 0.1 percent higher at 6,867.36, boosted by Amazon shares as the company reportedly will announce a health-care project.

Meanwhile, the S&P 500 and Dow Jones industrial average settled lower as Federal Reserve policymakers remained concern about low inflation and the current pace of rate hikes.

Fort Financial Services

The dollar was trading 0.28 percent higher vs the Japanese yen at 111.51 as of 05:45 GMT, amid low trading volumes as no data from Asia is scheduled and as US markets return from a holiday but will close earlier than in the usual time.

The US dollar index, which measures the greenback against a basket of six major rivals, was trading at 93.09, 0.05 percent to the downside by the time of this writing.

Ahead in the day, the US manufacturing and services PMIs for Nov are up at 14:45 GMT.

The pair was able to recover some positions on Thursday as minutes from the Federal Reserve monetary policy encounter increased expectations for a rate hike next month.

According to Fed funds tracked by CME Group’s FedWatch tool, market participants are currently pricing in nearly a 100% probability of a rate hike by December.

The latest minutes from the Federal Open Market Committee exposed an unified front on economic growth prospects, but continued to outline different opinions over future monetary policy changes as inflation levels remain below the 2 percent target.

The US regulator also insisted that the timing of future rate hikes will be determined by incoming data, which opens the door to a slower normalization in 2018.

Fort Financial Services

The German stock index DAX futures were lower in early trading hours on Friday as market participants awaited economic data later in the day amid low trading volumes.

Ahead in the day, Germany’s business expectations, current assessment and lfo business climate for November are due for release at 09:00 GMT.

On Thursday, the benchmark closed at 13,008.55 points in Frankfurt, posting a 0.05 percent loss with pharmaceuticals, healthcare, consumer & cyclical and insurance pushing lower.

The best performers of the session were Thyssenkrupp , which added 3.95 percent or 0.865 points to 22.785. Deutsche Lufthansa rose 1.17 percent to finish at 28.565 and Heidelbergcement was up 0.58 percent or 0.520 points to close at 90.720.

The worst performers of the session were Fresenius, which notched down 1.06 percent or 0.660 points to 61.440. RWE eased 0.93 percent or 0.185 points to 19.650 and Merck declined 0.86 percent or 0.78 points to 89.80.

On the data front, Germany’s gross domestic product for the third quarter came in line with analysts’ expectations of a 0.8 percent increase quarter over quarter, but fell short from at 2.3 percent year over year compared to a forecast of 2.6 percent.

In other news, the German manufacturing PMI came in at 62.5, above an initially estimated 60.4 and a previous 60.6 reading. Activity in the services sector, however, notched down to 54.9 against a predicted 55.0 reading.

Attention in Europe was directed to the release of the European Central Bank monetary policy meeting minutes. The document showed policymakers worried about speculation by investors of a potential new extension of their bond-buying program next year.

“The open-ended nature of the asset purchase program might generate expectations of further extensions as the intended end date of the program approached,” the minutes said.

Last month, the ECB opted to extend its quantitative easing program but reduced the monthly volume of purchases to 30 billion euros until September 2018.

Fort Financial Services

GOLD

Gold futures were slightly lower in Asian hours on Friday as market participants prepared for a fresh batch of economic data, although Wall Street is set for an early close.

On the Comex division of the New York Mercantile Exchange, gold futures were lower 0.05 percent to $1.291.60 a troy ounce as of 05:45 GMT.

The yellow metal showed little changes on Thursday as US markets were closed for Thanksgiving day. Bullion was also under pressure following the release of Federal Reserve November 1 meeting minutes, which boosted demand for the dollar.

The latest minutes from the Federal Open Market Committee exposed an unified front on economic growth prospects, but continued to outline different opinions over future monetary policy changes as inflation levels remain below the 2 percent target.

According to Fed funds tracked by CME Group’s FedWatch tool, market participants are currently pricing in nearly a 100% probability of a rate hike by December.

The US regulator also insisted that the timing of future rate hikes will be determined by incoming data, which opens the door to a slower normalization in 2018.

The US dollar index, which measures the greenback against a basket of six major rivals, was trading at 93.09, 0.05 percent to the downside by the time of this writing.

Dollar-backed gold is very sensitive to changes in US interest rates. Higher rates boost demand for risky assets, dampening interest for safe-havens such as the metal.

Ahead in the day, traders will keep an eye in Europe and the United States alike. Germany’s business expectations, current assessment and lfo business climate for November are due for release at 09:00 GMT. In the US, manufacturing and services PMIs for Nov are up at 14:45 GMT.

OIL

Oil futures were mixed in early trading on Friday, with market players awaiting the weekly oil rig count while keeping a close look at OPEC’s effort to rebalance the supply overhang.

The US West Texas Intermediate crude contracts were up 0.69 percent to $58.42 per barrel as of 05:45 GMT. Meanwhile, Brent futures eased 0.24 percent, to $63.40 a barrel.

Crude benchmarks settled in green territory on Thursday, recovering from early losses as speculation grew over a potential extension of the OPEC-led output cuts agreement.

Trading on Thursday was quiet and thin as most market players remained out due to the Thanksgiving holiday. On Friday, Wall Street closes earlier than the usual time.

Earlier this week, the US Energy Information Administration said crude reserves fell 1.9 million barrels in the week ended Nov 18, more than an originally estimated 1.6 million-barrel drop.

As for gasoline supplies, EIA data exposed a 44,000 barrels increase which fell short from a forecasted 737,000 barrels build. Distillate products were up by 269,000 barrels against a predicted draw of 1.2 million barrels.

The American Petroleum Institute had previously reported a 6.356 million barrels decline in crude stockpiles, compared to a forecasted draw of 1.545 million barrels.

The Organization of Petroleum Exporting Countries (OPEC) and its allies led by Russia will meet next week in Vienna to decide whether products cuts should be extended beyond March.

Baker Hughes will release its weekly rig count as of 18:00 GMT.

Fort Financial Services

While for some people Thanksgiving may still be a day to thank ‘god’ for the blessing of the harvest (office jobs also apply?), nowadays is a holiday associated with two very commercial events: Black Friday and Cyber Monday. I know… sweet deals are always welcome by our pockets, but thinking from an investor’s perspective, are these dates really worth it for retailers?

Allow me to put it this way, these two are some of the most important days in the year for retail businesses across America and well… around the globe (hello globalization!).

Not convinced about my words? Take a look at these figures:

Basically, Black Friday kicks off the holiday season with some pretty aggressive offers meant to boost consumption among masses in categories such as electronics to flights or clothing.

These commercial days are also useful to understand more about the performance of businesses. For instance, if a retailer does not perform as expected on Black Friday (BF) or Cyber Monday (CM), then that could a potential sign that things are not going very well.

If consumers do not spend as much as analysts initially predict, then that speaks about a poor performing economy or low levels in consumer confidence. In other words, economic health.

In stock markets, BF or CM could promote growth in the short term on expectations of better earnings for the fourth quarter, also keeping into account Christmas is just around the corner.

As for currencies, these dates are usually not responsible for any particular movement. But if sales are better-than-expected, the dollar could see some extra gains.

Businesses also tend to hire more people during the holiday season to cope with an increasing number of customers, which is seen as a positive effect for the labor market.

Fort Financial Services

Yesterday, the single European currency was in a positive position amid a significant weakening of US dollar. The growth of the EUR / USD was triggered by the weaker US dollar, while at the same time, the positive market sentiment and appetite for risk continue to support European currency. Nervousness of the market participants at the beginning of the last session caused by Yellen presentation, who once again expressed concern about the low level of inflation. Statistics, which later came out in the US, also did not support the demand for the US dollar, as a result, investors moved out of US currency before the big weekend in the US. Such sentiments persisted until the end of the day, as the FOMC protocols did not meet the expectations of the market as well.

The political crisis in Germany has not yet been resolved and it is not known yet when this will happen, if re-elections are scheduled, the process may drag on for months. The ECB also remains cautious, and in the near future it does not intend to begin to tighten monetary policy, amid low inflation. Therefore, the situation remains complicated and with such uncertainty, we are more likely to move smoothly into 2018.

As for today, the trading will be influenced by data and news from the EU. The statistical block for Germany has been published, which turned out to be mixed. The index of business activity in the manufacturing sector rose to 62.5 (forecast 60.4, the previous 60.6), but the same indicator of the service sector was below the forecast of 54.9 (forecast 55.0, previous indicator 54.7). The reaction of the market was restrained, but it is probably due to the expectations of still statistics on the EU as a whole and the publication of the minutes of the ECB meeting on monetary policy.

The technical picture has not undergone a major change in the last 24 hours. The European currency continues to feel stable, trading near the two-month high. There is a very strong resistance zone ahead of Eur/Usd in the area 1.1850-1.1890. Looks like this level is hard to cross at once, although the older time frames show that the euro's growth will continue and the immediate goal of the current upward momentum is the area of ​​1.2075-1.2080. Besides downward signals are not yet observed on the market, but now the price is in front of strong resistance and in such a situation, it is more logical to expect a technical pullback and consolidation in the zone 1.1790-1.1800.

Recommendations: careful longs in the zone 1.1790-1.1800.

Fort Financial Services

Asian markets were mainly quiet on Thursday, following a calm session on Wall Street as market participants digested FOMC minutes and looked ahead to the Thanksgiving holiday.

Japanese and American stock markets will remain closed for the day as both nations celebrate Thanksgiving. On Friday, US markets will halt operations earlier than the usual schedule.

For further information concerning trading times changes, visit our website.

<<< Data by 05:20 GMT >>>

Australia ASX S&P -1.30 -0.02% 6,066.30

Shanghai Composite -35.59 -1.04% 3,394.88

Hong KOng Hang Seng -4.09 -0.01% 29,999.40

Japan Nikkei 225 +106.67 +0.48% 22,523.15

Taiwan TSEC 50 Index +40.18 +0.37% 10,862.77

The Dow Jones Industrial Average ended in a higher note on Wednesday at 23,526. The S&P 500 notched down by 0.08 percent while the Nasdaq Composite added 0.07 percent to 6867.36.

The data front on Wednesday included non-defense core capital goods orders, which dropped 0.8 percent last month, according to the US Commerce Department.

Attention in the US was directed to the release of Federal Open Market Committee minutes from the November 1 encounter. The document showed policymakers sharing a common view on the future of economic growth, despite disagreeing on inflation and monetary policy changes.

According to Fed funds tracked by CME Group’s FedWatch tool, market participants are currently pricing in nearly a 100% probability of a rate hike by December.

Some policymakers are doubtful about further interest rate adjustments, especially as inflation levels remain far from the annual two percent target.

"In their discussion of the economic situation and the outlook, meeting participants agreed that information received since the FOMC met in September indicated that the labor market had continued to strengthen and that economic activity had been rising at a solid rate despite hurricane-related disruptions," the minutes said.

Ahead in the session, traders will turn to Germany’s gross domestic product revision for the third-quarter, which is seen at an annual growth rate of 2.6 percent.

Markit Economics will present its manufacturing and services activity indexes for November as of 08:30 GMT, with 60.4 and 55.0 readings seen. The same reports will be available for the Eurozone at 09:00 GMT. In the UK Q3 GDP will be available at 09:30 GMT.

The ECB is due to release its account of monetary policy meeting as of 12:30 GMT.

Fort Financial Services

The dollar was trading 0.07 percent higher vs the Japanese yen at 111.29 as of 05:40 GMT, staying relatively calm as no relevant data was published in Asian hours and as Wall Street is closed due to the Thanksgiving holiday.

The US dollar index, which measures the greenback against a basket of six major rivals, was trading at 93.13, 0.01 percent to the downside by the time of this writing.

Overnight, market players were focused on the release of minutes from the November 1 Federal Open Market Committee meeting. The document showed policymakers united in a positive prospect for economic growth and labor market advancement.

"In their discussion of the economic situation and the outlook, meeting participants agreed that information received since the FOMC met in September indicated that the labor market had continued to strengthen and that economic activity had been rising at a solid rate despite hurricane-related disruptions," the minutes said.

However, Federal Reserve members still disagree on inflation and how to adapt monetary policy to a lower-than-expected increase of it. The regulator keeps an annual target of 2 percent.

"[Policymakers are] worried that a sharp reversal in asset prices could have damaging effects on the economy."

According to Fed funds tracked by CME Group’s FedWatch tool, market participants are currently pricing in nearly a 100% probability of a rate hike by December.

On Wednesday, the US Commerce Department said non-defense core capital goods orders, dropped 0.8 percent last month. This report is useful to estimate future business activity.

Fort Financial Services

The German stock index DAX futures were lower in early trading on Thursday as market players prepared to receive a fresh batch of data later in the day.

The benchmark ended at 13,015.04 points on Wednesday, posting a loss of -152.50 points or -1.16 percent with software, technology and consumer & cyclical dragging it down.

The best performers of the session were RWE, which added 1.20 percent or 0.235 points to 19.835. Linde was down 0.13 percent or 0.25 points to finish at 190.50 and Bayerische Motoren Werke declined 0.23 percent or 0.200 points to 86.580.

The worst performers of the session were Infineon Technologies, which dropped 2.79 percent or 0.705 points to 24.575. Adidas notched down 2.42 percent or 4.55 points to 183.10, followed by Deutsche Lufthansa easing 2.33 percent or 0.675 points to 28.235.

No relevant data was released in Germany or Europe on Wednesday. However, this session promises to bring a handful of economic reports, including a revision of the German gross domestic product for the third-quarter, which is seen at an annual growth rate of 2.6 percent.

Also, Markit Economics will present its manufacturing and services activity indexes for November as of 08:30 GMT, with 60.4 and 55.0 readings seen.

The same reports will be available for the Eurozone at 09:00 GMT. Analysts are forecasting a moderate improvement in the services sector, while a tiny contraction in manufacturing.

In the United Kingdom, attention will be directed to a new reading of the Q3 GDP at 09:30 GMT.

The ECB is due to release its account of monetary policy meeting as of 12:30 GMT. Investors will carefully monitor the words of policymakers in search for hints on future regulation moves.

Fort Financial Services

GOLD

Gold futures were lower in Asian hours on Thursday with traders looking ahead to further economic data later in the day, while US markets remain closed for Thanksgiving.

On the Comex division of the New York Mercantile Exchange, gold futures were lower 0.26 percent to $1.288.90 a troy ounce as of 05:35 GMT.

The yellow metal traded mostly higher on Wednesday as market participants awaited the release of Federal Reserve monetary meeting minutes and as flattening Treasury yields continued to weigh on sentiment.

Economist are concerned that yields of short term bonds will surpass yields of bonds with a longer maturity. This phenomenon is typically associated with pre-crisis times.

As it was widely expected, minutes from FOMC latest encounter brought no breaking news into the play. Monetary authorities continued to express support for the regulator’s normalization process.

"In their discussion of the economic situation and the outlook, meeting participants agreed that information received since the FOMC met in September indicated that the labor market had continued to strengthen and that economic activity had been rising at a solid rate despite hurricane-related disruptions," the minutes said.

According to Fed funds tracked by CME Group’s FedWatch tool, market participants are currently pricing in nearly a 100% probability of a rate hike by December.

Gold is very sensitive to changes in US benchmark rates. A higher rates environment tends to promote high-yielding assets, which is bad for the precious metal.

The American currency will be today a key factor to determine the dynamic of golf as Wall Street will remain close due to the Thanksgiving holiday.

The US dollar index, which measures the greenback against a basket of six major rivals, was trading at 93.13, 0.01 percent to the downside by the time of this writing.

On the data front, the US Commerce Department said non-defense core capital goods orders, dropped 0.8 percent last month.

OIL

Oil futures were trading lower in early trading hours on Thursday, as market participants digested upbeat inventory data from the US and awaited the weekly oil rig count.

The US West Texas Intermediate crude contracts were down 0.22 percent to $57.89 per barrel as of 05:40 GMT. Meanwhile, Brent futures eased 0.28 percent, to $63.14 a barrel.

Crude benchmarks settled in green territory on Wednesday as crude inventories declined for the first time in three weeks, according to official data from the Energy Department.

The US Energy Information Administration said crude reserves dropped 1.9 million barrels in the week ended November 18, more than an originally estimated 1.6 million-barrel drop.

As for gasoline supplies, EIA data exposed a 44,000 barrels increase which fell short from a forecasted 737,000 barrels build. Distillate products were up by 269,000 barrels against a predicted draw of 1.2 million barrels.

A day earlier, the American Petroleum Institute had reported a 6.356 million barrels decline in crude stockpiles, compared to a forecasted draw of 1.545 million barrels.

Oil prices were also supported by a disruption in a key crude pipeline that connects the United States and Canada. TransCanada said oil deliveries will be reduced by up to 85 percent. Last week, a 5,000-barrel spill was registered in South Dakota.

Market players also kept an eye on speculation over OPEC’s potential extension of its controversial output cuts agreement. Discussions will take place on November 30.

Fort Financial Services

Monday

United States: new home sales for October will be released at 15:00 GMT.

Tuesday

Asia: Japan’s retail sales for October are expected to be released at 23:50 GMT. Analysts are forecasting a 2.5 percent year-over-year build.

Europe: Germany’s GfK consumer climate for December is up at 07:00 GMT. The United Kingdom will present a revised version of its third-quarter GDP as of 09:30 GMT.

United States: goods trade balance for October is due at 13:30 GMT, while the Conference Board will unveil its consumer confidence indicator for November at 15:00 GMT.

Wednesday

Asia: Japan’s industrial production for October is due at 23:50 GMT, with a 1.5 percent decline seen.

Europe: Germany’s consumer price index for November is up at 13:00 GMT.

United States: a new reading of the third-quarter gross domestic product is scheduled at 13:30 GMT, with an upward revision of 3.2 percent eyed from a prior 3.0 percent. Pending home sales for October will be released at 15:00 GMT.

Thursday

Asia: China’s manufacturing and non-manufacturing PMI for November are scheduled for release at 01:00 GMT. Japanese household spending for October will be presented at 23:30 GMT, together with the jobs/applications ratio and national core CPI.

Europe: German retail sales for October will be out as of 07:00 GMT. The unemployment change and rate for November are set for publishing at 09:00 GMT. The Eurozone will present its latest consumer price index as of 10:00 GMT.

United States: traders will keep an eye on the core PCE price index for October at 13:30 GMT, as well as on personal spending figures for October.

Friday

Asia: China’s Caixin manufacturing PMI for November is due at 01:45 GMT, with 51.0 eyed.

Europe: Germany, the Eurozone and the United Kingdom will present their manufacturing PMIs for November at 08:55, 09:00 and 09:30 GMT respectively.

United States: Markit’s manufacturing PMI is up at 14:45 GMT. However, attention will be directed to the manufacturing PMI by the Institute for Supply Management at 15:00 GMT.

Fort Financial Services

The single European currency is holding position quite confidently as the bulls managed to stop the price decline, and moved to restrained growth. All this is happening amid growing political crisis in Germany. Yesterday there was no special news on the topic from the leading EU economy, but the situation remains uncertain, and even Merkel herself, according to some media reports, spoke in favor of holding new elections. For a while the situation is hanging in the air, and everyone is waiting for the final solution of this issue. Yesterday, statistics on sales in the secondary housing market were published, which showed an increase of 2.0%, 5.48M against 5.42M and 5.37M according to the forecast and the previous month, respectively.

The data could not drag the EUR / USD down further, and in the end, we saw a price increase. There are two factors that can explain this reaction of the market. First, the market is waiting for the publication of the FOMC protocols today and as a consequence a certain caution. The second - holidays in the States. Market participants do not want to open new positions, but rather prefer to fix open positions. In general, the situation on the market is developing quite interesting and contradictory. We are looking forward to the publication of the statistical data and the FOMC protocols in the USA and follow the news from Germany.

Recommendations: out the market

Fort Financial Services

Asian stock indexes extended gains for second day in a row on Wednesday, following a record-high close in Wall Street backed by technology companies.

<<< Data by 06:30 GMT >>>

Australia ASX S&P +27.40 +0.45% 6,071.60

Shanghai Composite +20.44 +0.60% 3,430.94

Hong KOng Hang Seng +276.55 +0.93% 30,094.62

Japan Nikkei 225 +134.02 +0.60% 22,550.50

Taiwan TSEC 50 Index +26.55 +0.25% 10,805.79

The cheering mood among Asian investors took Hong Kong's Hang Seng index above the 30,000 level little after hearing the opening bell.

No relevant data is due in Asia. Markets are expected to remain in tight ranges as the Thanksgiving holiday and Black Friday are just around the corner.

Americans typically use Black Friday as an opportunity to buy products at discount prices for the already-here presents season, which includes Christmas and New Year. This day could modify sales figures for the month, which would be visible in the next sales report.

Market players were also moderately careful about a "flattening" trend in Treasury debt yields, which could present before an economic downturn, according to economists.

United States 30-Y Bond Yield 2.758 -0.004 -0.16%

United States 10-Y Bond Yield 2.358 -0.003 -0.14%

The data front on Tuesday included existing home sales for Oct, which surpassed expectations with a 2.0 percent monthly increase to a seasonally adjusted rate of 5.48 million units.

Ahead in the day, traders will focus on US durable goods orders at 13:30 GMT, which are seen at a 0.3 percent growth rate for October.

The Labor Department will release its weekly jobless claims count at 13:30 GMT. Analysts are expecting a reduction to 240,000 from a prior week 249,000.

The University of Michigan will present its consumer expectations and consumer sentiment indicators for November as of 15:00 GMT, with readings of 87.6 and 98.0 eyed.

However, attention will mainly be directed to the release of the latest Federal Reserve meeting minutes at 19:00 GMT. Market participants will be searching for hints on future monetary plans.

Fort Financial Services

The dollar was trading 0.22 percent lower vs the Japanese yen at 112.19 as of 05:40 GMT, with investors keeping an eye on incoming economic data from the US.

No relevant data was released in Asian hours. Ahead in the day, traders will focus on US durable goods orders at 13:30 GMT, which are seen at a 0.3 percent growth rate for October.

The Labor Department will release its weekly jobless claims count at 13:30 GMT. Analysts are expecting a reduction to 240,000 from a prior week 249,000.

The University of Michigan will present its consumer expectations and consumer sentiment indicators for November as of 15:00 GMT, with readings of 87.6 and 98.0 eyed.

However, attention will mainly be directed to the release of Federal Reserve meeting minutes at 19:00 GMT. Investors will closely monitor the document in search for hints on the regulator’s future monetary policy changes.

According to Fed funds tracked by CME Group’s, market players are currently pricing in a nearly 100 percent chance of a 25 basis points interest rate hike by December.

Higher benchmark rates tend to boost demand for the US dollar, which means the USDJPY could move to the upside, as well as other pairs with USD as its main component.

Traders will also pay attention to Washington, where the Senate is likely to vote on a massive Republican reform pushed by Donald Trump’s administration. So far this year, markets have long speculated on a massive tax reductions for both individuals and corporations.

The US dollar index, which measures the greenback against a basket of six major rivals, was trading at 93.84, 0.04 percent to the downside by the time of this writing.

Fort Financial Services

The German stock index DAX futures were higher in early trading hours on Wednesday despite European soil has no data scheduled in the session ahead.

The benchmark posted a 0.83 percent or 108.88 points gain on Tuesday to end at 13,167.54 points in Frankfurt, finding support in the technology, media and basic resources sectors.

The best performers of the session were Infineon Technologies, which added 3.29 percent or 0.805 points to 25.280. Volkswagen rose 3.02 percent or 5.00 points to finish at 170.40, while Bayerische Motoren Werke gained 1.88 percent or 1.600 points to end at 86.780.

The worst performers of the session were Heidelbergcement, which dropped 1.94 percent or 1.800 points to 91.170. RWE was down 1.93 percent or 0.385 points to 19.600 and Commerzbank declined 1.25 percent or 0.155 points to finish the day at 12.215.

Tuesday’s session was not rich in data, but investors counted on interesting declarations by Benoit Coeure, board member of the European Central Bank.

Coeure told a German newspaper that he expects the European regulator to abandon its support to the bond buying programme next September under the condition inflation meets its target.

“We were not ready to make that change in October, but I expect it will come at some point between now and September 2018,” said Coeure during an interview.

The DAX is expected to hold at current levels as no catalysts are up in the European markets. The data front in Germany and the Eurozone are empty for the day and focus will shift to the US.

Fort Financial Services

GOLD

Gold futures were down in early trading hours on Wednesday as markets prepared to receive a batch of economic reports from the United States.

On the Comex division of the New York Mercantile Exchange, gold futures were lower 0.12 percent to $1.280.10 a troy ounce as of 06:35 GMT.

The yellow metal settled higher on Tuesday as the dollar dropped amid falling long-term bond yields ahead of Federal Reserve's October meeting meetings.

Long-term treasury yields came under pressure, dragging the dollar to the downside, while boosting demand for safe-haven assets such as gold.

Investors are anxious about the release of October minutes in an intend to better assess the likelihood of a Fed interest rate hike at next month’s gathering.

According to Fed funds tracked by CME Group’s FedWatch tool, market participants are currently pricing in nearly a 100% probability of a rate hike by December.

Gold is very sensitive to changes in US benchmark rates. A higher rates environment tends to promote high-yielding assets, which is bad for the precious metal.

The US dollar index, which measures the greenback against a basket of six major rivals, was trading at 93.84, 0.04 percent to the downside by the time of this writing.

The metal also was supported by rising tension between the United States and North Korea. President Donald Trump added Pyongyang back to the list of sponsors of terrorism on Monday.

"Today the United States is designating North Korea as a state sponsor of terrorism. Should have happened a long time ago. Should have happened years ago," Trump said.

On the data front, existing home sales for October outperformed analysts’ forecast by showing a 2.0 percent monthly increase to a seasonally adjusted rate of 5.48 million units.

OIL

Oil futures were higher in early trading hours on Wednesday, with market participants awaiting official inventory data later in the day from the US Energy Department.

The US West Texas Intermediate crude contracts were up 1.50 percent to $57.68 per barrel as of 05:50 GMT. Brent futures were up 0.66 percent, to $62.98 a barrel.

Crude benchmarks settled in green territory on Tuesday as market players weighed chances of an extension of the output-cut deal against speculation for a higher US shale oil production.

Overnight, the American Petroleum Institute reported a 6.356 million barrels reduction in crude supplies for the week ended Nov 17, compared to a forecasted drop of 1.545 million barrels.

As for gasoline inventories, API showed a 869,000 barrels growth, which came in near an originally estimated build of 1 million barrels.

Oil prices were able to recover from Monday’s losses amid increasing expectations that the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers led by Russia will vote to extend output cuts by the end of the month in Vienna.

Earlier this year, OPEC members extended the agreement for a nine-month period after its original deadline in June but left unchanged the 1.8 million barrels per day reduction target.

Recent reports have suggested Russia may not be entirely sure to join the efforts, although President Vladimir Putin expressed support to the extension the last month.

Today, attention will be directed to official stockpiles from the US Energy Information Administration, which is scheduled for release as of 15:30 GMT.

Fort Financial Services

On Monday we have mentioned some of the most common trading mistakes you should avoid at all costs. At first place we’ve said not having a trading plan represents a serious mistake that increases your risk exposure significantly. But first, let’s revise the meaning of a “trading plan”.

Definition of Trading Plan (by Investopedia):

“A systematic method for screening and evaluating stocks, determining the amount of risk that is or should be taken, and formulating short and long-term investment objectives. A successful trading plan will also involve details like the type of trading system to be used. Most plans require the use of various types of technical analysis tools.”

Here at FortFS we’ve decided to put together a few tips and steps to guide you in the creation of your trading plan. Remember, each plan should be adjusted to you. You should not copy paste.

What do you want to achieve?

Having a clear vision of what you want to achieve and when will change your life in all aspects. And with trading there is no exception. A good place to start is to set SMART goals:

• Specific: Think, think and think. It is all about answering to yourself: “What do I want?”
• Measurable: Always keep track of your progress so you can adapt faster to changes.
• Achievable: If your capital is $50, do not expect to make a $1000 gain in a month.
• Relevant: Never go to easy on your goals, they should motivate you.
• Time bound: Define a timeframe to achieve your goals and stick to that scheduled.

How and when do you intend to get there?

Set an strategy that goes in line with your goals and your trading profile. For instance, start with simple trading systems that offer you the chance to apply changes or improve it as your gain experience and increase your capital. Stay flexible.

What is your risk tolerance?

This question is strictly related to your trading objectives. For example, if your goal is to put some extra cash for retirement then it is possible RISK is not a word that should be associated with you. In that case, your risk tolerance would be low and your trading activity / strategy would be adapted in consequence. On the other side, a young trader might be more inclined to take higher risks in search for higher short-term returns.

What are your prefered guidelines?

In other words, how are you going to measure your success or failure? Is it by ROI (return on investment)? Is it by net gains? Is it by the total performance of your portfolio or will you count every asset category individually? These are questions that must be answered before sitting down in front the charts and putting your money at risk.

How do you plan to diversify your portfolio?

Always remember that diversification is of great importance when it comes to reduce risks. But diversifying can be fun and profitable. So select your prefered assets among small/middle or large capitalization companies, commodities futures or currencies.

Fort Financial Services

Asia stock markets were higher in early trading on Tuesday, following a strong lead from Wall Street’s top three indexes amid solid economic reports.

Earlier in the session, the Reserve Bank of Australia release its latest meeting minutes, showing the regulator is keeping an eye on labor markets in other major economies.

The bank’s November 7 minutes exposed that remain mainly stable in a context of full employment while noting "that in most advanced economies, growth in wages and hourly earnings had been low, despite ongoing reductions in spare capacity."

"[Policymakers] discussed the possibility that globalization and technology were leading wage growth to be less responsive to changes in the demand for labor, which could continue for a while," the minutes said.

In the United States, telecoms and financials performed the best on Monday, pushing top benchmarks to the upside, while healthcare retained gains.

The Dow Jones Industrial Average added to 23,430.33. The S&P 500 was up 0.13 percent while the Nasdaq Composite ended at 6790.71, up 0.12 percent.

No reports came out of the world’s first economy. Market participants remained cautious about the tax bill promoted by the current administration. Last week, the House of Representatives passed a bill that is expected to be voted on Thursday by the Senate.

Speculation over Trump’s tax reform has been weighing on market sentiment in the previous week as investors understood the bill suffered major changes from the original project presented by the administration.

In Europe, attention has been directed to Germany, where Chancellor Angela Merkel failed to form a coalition government, increasing uncertainty in the region.

"My point of view is that new elections would be the better path," said Merkel at an interview with ARD television on Monday, adding she did not plan to govern in a minority government.

Australia ASX +16.20 +0.27% 6,044.20 CLOSED

Shanghai Comp +21.47 +0.63% 3,413.87 OPEN

Hang Seng Index +452.33 +1.55% 29,712.64 OPEN

Nikkei 225 +198.66 +0.89% 22,460.42 OPEN

TSEC 50 Index +117.48 +1.10% 10,782.03 CLOSED

Fort Financial Services

The dollar was trading 0.02 percent lower vs the Japanese yen at 112.59 as of 05:50 GMT, with market players looking ahead to further economic reports later in the day.

No economic reports were released in the US on Monday. However, the dollar was able to slightly recover and pushed the pair above the 112.50 mark.

The American currency is now counting on support from the Republican tax bill passed by the House of Representatives last week, which contemplates cuts in individual and corporate rates for next year.

Speculation over Trump’s tax reform has been weighing on market sentiment in the previous week as investors understood the bill suffered major changes from the original project presented by the administration.

Lower taxes for individuals and corporations could boost economic growth and inflation, leaving no choice to the Federal Reserve than hiking rates at a faster pace.

Gains on the dollar have been capped by uncertainty over the Senate vote of the bill, which is scheduled on Thursday. There are currently disagreements over the reform between members of the GOP.

The US dollar index, which measures the greenback against a basket of six major rivals, was trading at 93.95, 0.06 percent to the downside by the time of this writing.

Ahead in the day in the US, attention will be directed to existing home sales for October, with an estimated monthly growth of 0.7 percent to an annualized rate of 5.42 million units.

Federal Reserve Chair Janet Yellen is due to speak as of 23:00 GMT at the NY University.

Fort Financial Services

The German stock index DAX futures were higher as investors awaited fresh economic data to define a more precise course ahead.

The benchmark ended at 13,058.66 points on Monday, adding +64.93 or +0.50 percent.

Best performers of the session were Volkswagen, which added +6.65 points or +4.19 percent to 165.40, Prosiebensat rising +0.815 points or +3.22 percent at 26.110 and RWE adding +0.535 points or +2.75 percent to 19.985.

On the other side, Fresenius felt -0.520 points or -0.82 percent to 62.850, Adidas was down -1.05 or -0.57 percent at 184.75. Muench. Rueckvers. eased -0.70 or -0.37 percent to 190.10

On Monday, the German producer price index for October was in line with analysts’ expectations of a 0.3 percent m/m growth rate.

While market players did not count on high-impact economic in this week’s first session, attention was directed to a speech by ECB President Mario Draghi.

Draghi expressed confident that the many factors holding salaries steady in the region are “transitory”, reassuring the need for further monetary support.

“We continue having signs that this recovery is continuing and the pace is continuing,” Draghi said. “We are confident that we will see changes in nominal wages that will drive underlying inflation.”

Recently, the EU regulator announced a reduction of its monthly bond purchases from 60 billion euros to 30 billion euros as monetary authorities are confident in the Eurozone’s economic expansion and perspectives.

“These measures will preserve the current financing conditions and ensure the ample degree of monetary stimulus that is still necessary for a sustained return of inflation rates towards levels that are below, but close to, 2 percent.”

Fort Financial Servics

GOLD

Gold futures were up in early trading hours on Tuesday as market participants looked ahead to fresh economic reports from United Kingdom and the United States later in the day.

On the Comex division of the New York Mercantile Exchange, gold futures were higher 0.33 percent to $1.279.50 a troy ounce as of 05:50 GMT.

The yellow metal settled slightly lower on Monday, with no relevant economic data in the calendar and as uncertainty over President Trump’s tax reform continued to weigh on sentiment.

Investors have been speculating over a massive tax reform that would reduce taxes for individuals and corporations, pushing inflation levels higher and boosting economic growth.

By the end of last week, the House of Representatives gave green light to a bill that would lower taxes for individuals and corporations in 2018, which moves in the direction of Trump’s reform.

However, the project could face a tougher resistance in the Senate, even within its own Republican leadership. The Senate is expected to vote on the bill after Thanksgiving day.

No economic reports were released in the US on Monday. In Germany, the producer price index for October was in line with analysts’ expectations of a 0.3 percent m/m growth rate.

The US dollar index, which measures the greenback against a basket of six major rivals, was trading at 93.95, 0.06 percent to the downside by the time of this writing.

The precious metal is sensitive to fluctuations in the American currency. A stronger base-currency makes gold more expensive for investors holding foreign money.

Ahead in the day, traders will keep an eye on the UK’s inflation report hearings as of 10:00 GMT and CBI industrial trends orders for November at 11:00 GMT.

In the US, attention will be directed to existing home sales for October, with an estimated monthly growth of 0.7 percent to an annualized rate of 5.42 million units.

Federal Reserve Chair Janet Yellen is due to speak as of 23:00 GMT at the NY University.

OIL

Oil futures were higher in Asian hours on Tuesday as market players awaited industry estimates on crude and refined products stockpiles from the United States later in the day.

The US West Texas Intermediate crude contracts were up 0.11 percent to $56.48 per barrel as of 05:50 GMT. Brent futures were up 0.16 percent, to $62.32 a barrel.

Crude benchmarks held into negative territory on Monday, amid increasing US shale oil production and concerns that OPEC-led efforts will not be able to stop the supply overhang.

According to local data, US crude production has risen by more than 15 percent in the last few months from a mid-2016 low that had opened the way for benchmarks’ prices to recover.

All eyes are now pointing at the next OPEC + non-OPEC meeting in Vienna on November 30. Producers are expected to discuss a potential extension of the current output cuts deal.

The agreement, which counts on a reduction target of 1.8 million barrels per day, will meet its deadline in March 2018 after being renewed for nine extra months back in May.

Reports on Monday said Russia is not entirely supportive of the deal, despite Vladimir Putin seemed confident on the extension last month when he met Saudi Arabia’s king in Moscow.

The American Petroleum Institute will release its weekly report as of 21:35 GMT, in anticipation of official data from the US Energy Information Administration due on Wednesday.

Fort Financial Services

1. Trading without a plan

Have you ever noticed that when you head to the supermarket with a precise list of what you need you shop faster and spend less? This point is all about that. Thinking in advance where you want to get and how you want to get there will improve your trading experience instantly.

When starting in a new field like Forex trading, people tend to practice here and there, without a real action plan. And that is OK, but only for a demo account. Once you decide to open a real account, you should set real goals and work in that single direction. Trading without a plan considerably increases your risk exposure, meaning you are more likely to lose money.

2. Relying on a single source

Information is power. You have heard it not once. But have you actually stopped and thought for a minute whether your strategy takes that into consideration? Ahá… exactly. It is time to take the popular phrase and put it to work by reaching out to multiple sources of information.

Don’t be mistaken. We are not telling you to follow every single article in the internet. Start by finding 3 highly reliable sources that provide insights and analysis that could work in your favour. It can be a blog or a even a news channel. The decision is entirely yours, just focus on results.

3. Choosing the wrong time horizon

Why are you trading? As simple as it sounds, many people have never really been capable to answer that question. Are you trading for retirement? Or increasing your capital in the short term? If you want to achieve goals in the near term, then focus on 30-minute to 4-hour charts. If you are working for middle term objectives, then the 1-day to 1-week chart seem a better option. But if you are in for the long term, then 1-month to 1-year are the right ones for you. Choosing the right time horizon and charts will elevate your chances of success, letting you focus on what really matters and polishing the “noise” of charts depending on the timeframe.

4. Becoming a technical OR fundamental ONLY trader

Oh please… Again? We’ve told you not once: technical and fundamental analysis work TOGETHER and not independently. We understand you might like one more than another, but it is important you stay sharp on both fronts because the world is not only about numbers, it is also about political decisions, and trade conditions, and announcements. Words matter.

5. Switching strategies too soon

If you pick up a trading strategy, stick to it for a while. Avoid changing it if things go south a few times. It is normal and it is an opportunity to improve it. Work on it. By constantly changing your strategy you will be losing potential winning trades and you’ll be spending resources effectively.

Fort Financial Services

Last week, EUR/USD pair showed good gain, bulls achieved no serious success. US dollar is still under pressure amid domestic political factors, primarily related to the discussion of the tax reform and the ongoing investigation of "Russian intervention" in the elections in the United States. The demand for a single European currency remains very limited, since despite the successes in economic growth, inflation in the EU remains low and does not contribute to the launch of a program of tightening monetary policy by the European regulator.

Today amid news from Germany as Merkel failed to form a coalition, European currency moved under pressure. Increasing volatility might be expected today at the speech of the ECB President Mario Draghi, but only if his speech will contain some new for the market participants. On the four-hour chart, the corrective pullback is actively developing. The 200-day moving average line provides locally support for the price, but the question is how long it will to hold the price.

Recommendation – out of the market

Fort Financial Services

EUR / USD dynamics is determined by technical factors and weakness of the US currency. Yesterday the being oversold US currency somewhat returned to gains amid the background of statistical data on technical factors. The statistics came out mixed, at the level of forecasts with small deviations, but investors considered them sufficient for further tightening of monetary policy by the US financial authorities.

The main indicator that investors paid attention to was the consumer price index, the indicator reached the level of expectations of 0.1% and thus the annual level dropped to 2.0%. It is quite possible that now investors eventually assess the current level of inflation as satisfactory to continue the gradual increase in the base interest rate from the US Federal Reserve. However we believe that it is just technical factors that setup current USD dollar gain.

Today, the dynamics of trading before the publication of US statistics was determined by data from the EU. The consumer price index for the euro area was published. The indicator came out at the forecast level, has not changed compared to the previous month, and is equal to 1.4%. Since the indicator fully corresponds to market expectations, the reaction to it was minimal.

The technical picture has changed slightly. Of course, after substantial growth, the pair could not gain a foothold above the round level 1.18, and rolled back lower. Today, Eur / Usd is trading near the nearest support 1.1766. Further down to the level of 1.1710 passes the first support zone. Strategic support takes place at the levels of 1.1678-1.1710.

Recommendations - cautious longs from 1.1678-1.1710.

Fort Financial Services

Monday

Asia: the Japanese trade balance figures for October will be out as of 23:50 GMT on Sunday. Exports are seen growing 14.9 percent last month.

Europe: Germany’s producer price index for October is due for release at 07:00 GMT, with a 0.1 percent build eyed.

Tuesday

Europe: UK CBI industrial trends orders will be out by 11:00 GMT.

United States: existing home sales for October are due at 15:00 GMT. Analysts are forecasting an increase to an annualized rate of 5.42 million units from a prior month 5.39 million units.

Wednesday

United States: durable goods orders for October will be released as of 13:30 GMT, with a 0.5 percent rise seen. Michigan University will present its consumer expectations and sentiment indicators at 15:30 GMT, with 91.2 and 98.9 readings seen respectively.

Thursday

Asia: Japanese markets remain closed on Labor Thanksgiving.

Europe: Germany’s third-quarter GDP is up at 07:00 GMT. Expectations are pointing at a 0.6 percent q/q growth rate. The German manufacturing PMI for November will also be release at 08:30 GMT, while the Eurozone activity readings are set for 09:00 GMT. The United Kingdom will also show its Q3 GDP figures at 09:30 GMT.

United States: markets remain closed on Thanksgiving.

Friday

Europe: Germany’s business expectations, current assessment and lfo business climate for November are due for publishing at 09:00 GMT.

United States: markets will close earlier than usual in the day after Thanksgiving. Manufacturing and services PMIs from Markit are up at 14:45 GMT, with 54.7 and 55.6 seen respectively.

Fort Financial Services

The dollar was trading 0.28 percent higher vs the Japanese yen at 113.19 as of 09:30 GMT, with traders feeling less worried and as the dollar seems to be recovering ground against rivals.

Apart from data, investors will keep an eye on Washington and the prospects for President Donald Trump’s tax reform bill. Ahead in the session, the House will vote on its own tax bill.

House Speaker Paul Ryan confirmed on Wednesday the House of Representatives will not be repealing Obamacare’s individual mandate before the Senate does.

By time of this writing, the US dollar index, which measures the greenback against six major currencies, was up 0.13 percent at 93.85 on the back of upbeat inflation data.

The US consumer price index rose by 0.1 percent in October, against a 0.5 percent rise seen in the previous month. Growth level was in line with analysts’ expectations.

Higher inflation levels push the US regulator to adjust interest rates faster, boosting expectations for further monetary policy changes in the near term.

According to CME Group’s FedWatch tool, investors are pricing in nearly a 100 percent chance of a 25 basis points interest rate move in December.

In other news, retail sales for October went up 0.2 percent, while economists had forecasted no changes. Sales had increased 1.9 percent in September.

Fort Financial Services

The German stock index DAX futures reverted previous losses on Thursday pre-session hours, with sentiment showing signs of recovery and as traders awaited fresh economic data and corporate earnings reports later in the day.

German stocks ended in red territory on Wednesday, easing 0.44 percent with basic resources, technology and pharmaceuticals & healthcare contributing the most to losses.

Yesterday, the German trade balance for September came in at 26.4 billion euro from 16.1 billion in the previous month. Again, data continues to point at economic expansion.

The best performers of the session included Deutsche Bank, which added 1.91 percent or 0.295 points to 15.760, Commerzbank rising 1.84 percent or 0.215 points to 11.870 and Deutsche Boerse up 1.80 percent or 1.630 points to 91.940.

The worst performers of the session were RWE, which posted a 1.90 percent or 0.400 points loss at 20.655. Henkel & Co was down 1.64 percent or 1.90 points to 113.90 and Fresenius plunged 1.49 percent or 1.000 points to 66.210.

Attention in Europe today will be directed to UK retail sales for October at 09:30 GMT and the Eurozone’s consumer price index as of 10:00 GMT.

In the US, traders will focus on export/import price indexes, initial jobless claims and the Philly Fed manufacturing index. All those reports are scheduled at 13:30 GMT. Later on, industrial production for October is due at 14:15 with a 0.5 percent gain eyed.

The DAX eased positions from recent highs but remains above the psychological resistance of 13,000. It would be rather unlikely if the benchmark crosses that key level to the downside. The most possible scenario points at a recovery to 13,100.

Fort Financial Services

GOLD

Gold prices were higher Asian hours on Thursday with President Donald Trump’s tax reform bill issue driven sentiment to a negative side as prospect for an approval in 2017 seems cloudy.

On the Comex division of the New York Mercantile Exchange, gold futures were lower 0.05 percent to $1.277.10 a troy ounce as of 08:55 GMT.

The yellow metal settled in red territory on Wednesday as the dollar rebounded from intraday lows on signs that the US economy will keep growing consistently in the fourth quarter.

Expectations for growth boost probabilities for further Federal Reserve interest rate hikes later in the year. According to CME Group’s FedWatch tool, investors are pricing in nearly a 100 percent chance of a 25 basis points interest rate move in December.

The US consumer price index rose by 0.1 percent in October, against a 0.5 percent rise seen in the previous month. Growth level was in line with analysts’ expectations.

In other news, retail sales for October went up 0.2 percent, while economists had forecasted no changes. Sales had increased 1.9 percent in September.

Today, investors will keep an eye on various fronts, including UK retail sales for October at 09:30 GMT and EU’s CPI at 10:00 GMT.

In the United States, focus will be at export/import price indexes, initial jobless claims and the Philly Fed manufacturing index. All scheduled at 13:30 GMT. Later on, industrial production for October is due at 14:15 with a 0.5 percent gain eyed.

Gold is very reactive to changes in the US dollar and Treasury bond yields. A stronger greenback makes the metal more expensive for investors holding foreign currency.

Higher bond yields increase opportunities for traders in a broader scale of assets, pushing them out from the non-yielding precious metal.

OIL

Oil futures rebounded in Asian trading hours on Thursday as market participants saw a recent downward correction overdone and shifted to the falling output of OPEC-member Venezuela.

The US West Texas Intermediate crude contracts were up 0.20 percent to $55.44 per barrel as of 08:55 GMT. Brent futures were up 0.32 percent, to $62.07 a barrel.

Eurasia Group, the world's biggest political risk consultancy, reported that Venezuela’s state-owned PDVSA is extremely likely to declare default soon.

"Predicting the precise timing of a default is difficult, as the government seems prepared to keep paying while it can," Eurasia Group wrote in a report overnight.

On Wednesday, crude benchmarks settled in red territory as concerns over an increasing shale oil production in the United States continued to weigh on investors, while stockpiles in America showed a second consecutive weekly gain.

Crude inventories added 1.9 million barrels in the week ended November 10, compared to expectations for a 2.2 million barrels draw, the US Energy Information Administration said.

Data also showed gasoline supplies rising by 894,000 barrels against an estimated 919,000 barrels decline. Distillates were down by 799,000, missing a forecasted 1.3 million barrels drop.

These figures boosted speculation that the oil market will not be able to rebalance as soon as expected. Under this condition, attention has shifted once again to OPEC-led output cuts.

The oil cartel and a group of external producers led by Russia are set for a meeting on November 30 in Vienna to discuss a potential extensions of the production cuts agreement.

The current deal holds a deadline in March 2018. Saudi Arabia and Russia, the two most powerful oil producers worldwide have already expressed support for an extension.

Earlier this week, the Paris-based International Energy Agency downgraded its estimate for global demand for 2017 and 2018 by 100,000 barrels per day (bpd) to approximately 1.5 million bpd and 1.3 million bpd respectively.

No relevant data for this market is scheduled today.

Fort Financial Services

Asian stocks were able to move higher on Thursday despite a weak close in Wall Street, shrugging off pessimist sentiment and looking ahead to more economic data later in the day.

Australia ASX +11.20 +0.19% 6,023.50 CLOSED

Shanghai Comp -3.27 -0.10% 3,399.25 CLOSED

Hang Seng Index +221.94 +0.77% 29,073.63 OPEN

Nikkei 225 +322.80 +1.47% 22,351.12 CLOSED

TSEC 50 Index -5.61 -0.05% 10,625.04 CLOSED

No relevant economic reports were released in Asia. Today, investors will keep an eye on various fronts, including UK retail sales for October at 09:30 GMT and EU’s CPI at 10:00 GMT.

In the United States, focus will be at export/import price indexes, initial jobless claims and the Philly Fed manufacturing index. All scheduled at 13:30 GMT. Later on, industrial production for October is due at 14:15 with a 0.5 percent gain eyed.

Wall Street top three indexes closed in red territory on Wednesday, making evident the bullish movements is slowing down on the back Trump’s tax bill.

Dow Jones IA -138.19 -0.59% 23,271.28 CLOSED

S&P 500 -14.25 -0.55% 2,564.62 CLOSED

Nasdaq Composite -31.66 -0.47% 6,706.21 CLOSED

The Dow Jones industrial average touched its lowest level in nearly three weeks, with heavy machinery manufacturer Caterpillar pushing the index down.

The S&P 500 dropped in the light of lower energy prices. Energy stocks plunged 1.2 percent in average during the session after the International Energy Agency revised downwards its crude oil demand for this and next year by 100,000 barrels per day.

The Nasdaq composite came under pressure as major tech companies Apple, Netflix and Alphabet traded lower. The technology sector, however, continues to be one of the best performers of 2017. The Nasdaq has amassed a 24 percent gain since January.

On the politics front, House Speaker Paul Ryan confirmed the House of Representatives is not going to repeal Obamacare’s individual mandate before the Senate does. The House will vote on its own tax reform bill on Thursday.

On the data front, the US consumer price index rose by 0.1 percent in October, against a 0.5 percent rise seen in the previous month. Growth level was in line with analysts’ expectations.

In other news, retail sales for October went up 0.2 percent, while economists had forecasted no changes. Sales had increased 1.9 percent in September.

Fort Financial Services

The Frankfurt conference did not bring anything new to the markets. M. Draghi and D. Yellen speeches did not have impact on the market, since they did not contain anything new, however on Tuesday other drivers were present on the market, which increased volatility a lot. Practically from the very beginning of the European session, bulls, inspired by encouraging data on the growth of the German economy, began to push the price of Eur/Usd up. Subsequently, they received support from the data on GDP growth in the Eurozone. US data on the index of the price of producers, which came out better than the forecast failed to slow down bulls.

Pressure on the dollar in recent days was very heavy and it is now difficult to expect a significant strengthening of the US currency. But there are no strong drivers for the growth of the single European currency. Statistics released yesterday were good, but yesterday's growth showed that they have already been fully put in the price, and today important macroeconomic data from the EU is no longer expected. Therefore, the further growth of the EUR / USD pair can be connected only with the further weakening of the US dollar. This is possible if the statistical data published today, primarily the consumer price index, is worse than the forecasted figures.

Recommendation: remain out of the market and wait for signals for the beginning of the corrective downward move. After that, we can search for entry points of long position. Nearest strong support at the level of 1.1745-1.1711

Fort Financial Services

Asian top equity indexes were down on Wednesday as the cautious sentiment extended as market players await a fresh batch of economic reports later in the day.

On the data front, Wednesday was marked by the release of Japan’s gross domestic product. According to data, the Nippon economy expanded at an annualized rate of 1.4 percent in the third quarter, above expectations for a 1.3 percent. The GDP added 0.3 percent q/q.

On the corporate front, Japan was also in the spotlight as Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group presented quarterly earnings.

Several Japanese banks confirmed their plans to reduce costs, which could include firing people and turning into automation, news agency Reuters reported.

Australia ASX -33.80 -0.56% 6,012.30 OPEN

Shanghai Comp -27.02 -0.79% 3,402.52 OPEN

Hang Seng Index -248.16 -0.85% 28,903.96 OPEN

Nikkei 225 -351.69 -1.57% 22,028.32 OPEN

TSEC 50 Index -56.53 -0.53% 10,630.65 OPEN

The political agenda continues to weigh on investors. US Senate Republicans said on Tuesday the tax reform bill will involve the repeal of Obamacare’s condition that Americans should have some sort of health coverage.

Ahead in the day, attention will be directed to another batch of economic reports in Europe and the United States, starting with employment data from the UK at 09:30 GMT and the EU trade balance for September scheduled at 10:00 GMT.

In the US, focus will be inflation. The consumer price index for October is due for release at 13:30 GMT, with a 0.1 percent month-on-month build seen.

The NY Empire State manufacturing index for Nov is also set for that time, as well as retail sales for Oct. Business inventories for Sep are up at 15:00 GMT, with a forecasted rise of 0.1 percent.

Fort Financial Services

The dollar was trading 0.52 percent lower vs the Japanese yen at 112.86 as of 08:45 GMT, with investors awaiting a large set of economic reports later in the day, with focus on US inflation.

Earlier today, Japanese GDP was released showing an annualized growth rate of 1.4 percent in the third quarter, above expectations for a 1.3 percent. The GDP added 0.3 percent q/q.

Market players weren’t really concerned that the GDP missed the forecasted q/q 0.4 percent build as Japan is currently on track for its longest period of uninterrupted growth in 10 years.

By time of this writing, the US dollar index, which measures the greenback against six major rivals, was down 0.23 percent at 93.51 as tax bill-related concerns continued to weigh.

Republican members of the US Senate said on Tuesday the tax reform bill will involve the repeal of Obamacare’s condition that Americans should have some sort of health coverage.

The Labor Department said its producer price index for October increased by 0.4 percent. On yearly basis, the index was up 2.8 percent from a previous month rise of 2.6 percent.

A better-than-expected wholesale inflation boosted expectations for further monetary policy adjustments from the US Federal Reserve.

According to CME Group’s FedWatch tool, traders are pricing in more than a 90 percent chance of a 25 basis points interest rate move in December.

Ahead in the day, the US consumer price index for October is due for release at 13:30 GMT, with a 0.1 percent month-on-month build seen.

The NY Empire State manufacturing index for Nov is also set for that time, as well as retail sales for Oct. Business inventories for Sep are up at 15:00 GMT, with a forecasted rise of 0.1 percent.

Upbeat inflation data from the US could boost the US dollar on higher expectations for a Fed hike next month, which would translate into a positive impulse for the USDJPY.

Fort Financial Services

The German stock index DAX extended losses on Wednesday despite upbeat economic data, as traders kept an eye on US inflation later in the day, as well as other reports from the EU.

Germany’s consumer price index was unchanged for October, according to data released on Tuesday. The third-quarter gross domestic product increased by 0.8 percent in the third quarter of this year, outperforming a forecasted 0.6 percent and a similar previous month result.

In other news, Germany’s ZEW current conditions for November came in at 88.8, above expectations for a 88.0 reading. Economic sentiment was down to 18.7 from a prior 20.0.

The German benchmark posted a 0.31 percent loss on Tuesday, with technology, media and retail pushing upwards, while utilities, consumer and basic resources sectors dragging it down.

The best performers of the session were Infineon Technologies, which added 2.66 percent to 23.930, Deutsche Lufthansa rising 1.97 percent to 27.44 and Adidas up 1.93 percent to 187.45.

The worst performers of the session were RWE, which dropped 5.56 percent to 21.055, Henkel & Co falling 4.26 percent to 115.80 and Thyssenkrupp down 1.19 percent to 21.665.

Ahead in the day, attention will be directed to another batch of economic reports in Europe and the US, starting with the UK claimant count, unemployment rate and average earnings data at 09:30 GMT and the EU trade balance for September scheduled at 10:00 GMT.

In the US, focus will be inflation. The consumer price index for October is due for release at 13:30 GMT, with a 0.1 percent month-on-month build seen.

The NY Empire State manufacturing index for Nov is also set for that time, as well as retail sales for Oct. Business inventories for Sep are up at 15:00 GMT, with a forecasted rise of 0.1 percent.

Fort Financial Services

GOLD

Gold futures were down in early trading hours on Wednesday as market participants awaited for a fresh batch of economic data later in the day, with focus on US inflation figures.

On the Comex division of the New York Mercantile Exchange, gold futures were lower 0.14 percent to $1.281.10 a troy ounce as of 07:05 GMT.

The yellow metal ended in green territory on Tuesday as market participants added bullish positions due to increasing concerns on the political sphere and as the dollar extended losses.

But gains for gold were capped by upbeat economic data from the United States. The Labor Department said its producer price index for October increased by 0.4 percent. On yearly basis, the index was up 2.8 percent from a previous month rise of 2.6 percent.

A better-than-expected wholesale inflation boosted expectations for further monetary policy adjustments from the US Federal Reserve.

According to CME Group’s FedWatch tool, traders are pricing in more than a 90 percent chance of a 25 basis points interest rate move in December.

Demand for safe-haven assets was boosted this week by several political crisis in the Middle East, concerning the Saudi-Iran relations, and in Europe, where UK Prime Minister Theresa May is facing sort of a rebellion against her within her own Labor Party.

According to the Commodity Futures Trading Commission, net long positions on gold increased to 195,800, from 193,100 in the week ended November 10.

Top representatives from the Federal Reserve, European Central Bank, Bank of England and Bank of Japan promised on Tuesday to keep guiding investors out of monetary stimulus.

Ahead in the day, attention will be directed to another batch of economic reports in Europe and the United States, starting with employment data from the UK at 09:30 GMT and the EU trade balance for September scheduled at 10:00 GMT.

In the US, focus will be inflation. The consumer price index for October is due for release at 13:30 GMT, with a 0.1 percent month-on-month build seen.

The NY Empire State manufacturing index for Nov is also set for that time, as well as retail sales for Oct. Business inventories for Sep are up at 15:00 GMT, with a forecasted rise of 0.1 percent.

OIL

Crude futures were down in Asia on Wednesday as traders digested downbeat inventory estimates from the US, together with a disappointing 2018 demand forecast by the IEA.

The US West Texas Intermediate crude contracts were up 1.18 percent to $55.04 per barrel as of 07:05 GMT. Brent futures were up 1.33 percent, to $61.38 a barrel.

The American Petroleum Institute said crude stockpiles increased by 6.531 million barrels in the week ended November 10, compared to expectations for a 2.850 draw.

According to data, gasoline supplies also rose by 2.399 million barrels, although they were seen down 1.025 million barrels. Distillates notched down 2.572 million barrels, above expectations.

These figures come in anticipation of the official report from the US Energy Information Administration, which is set for release as of 15:30 GMT.

In other news, the Paris-based International Energy Agency downgraded its forecast for global demand expansion, while pointing to higher production levels from the US in the near term.

The agency said markets will be oversupplied until the second quarter of 2018 at least. Of course, weaker-than-expected demand is not contributing to close the gap, especially as US shale oil producer want to take advantage of higher energy prices.

IEA’s crude demand growth forecast was reduced by 100,000 barrels per day for 2017 and 2018 to approximately 1.5 million bpd and 1.3 million bpd respectively.

The report also noted the compliance with the output deal of the Organization of the Petroleum Export Countries increased to 96 percent in October from a prior month 87 percent.

Market participants will be paying close attention to the next Vienna meeting between OPEC and the Russia-led producers group to discuss a potential extension of the output cuts.

Fort Financial Services

Yeah... it sounds too easy, doesn’t it? But working in a more comfortable, ad hoc-designed space could really have a positive impact on your trading.

Have you ever felt better working when sunshine comes through the window or there is a pleasant smell around? Exactly. It is the little things that count and can make an instant difference.

1 - Where is your desk?

Whether you trade at home, at a co-working space or in an office, finding the right spot for your working station is key for success. Look for places that are not too distracting, avoid large flows of people around (ex. do not seat near a restroom).

Also pay attention to the light level around you. Make sure it is pleasant and (if possible) natural. Working right near a window could be a wise decision. Just make sure you enjoy the view...

2 - Add some live into it

Why do you think even large corporations add plants to their working spaces? That’s correct, because they adding some plants turns your space into a more human-like environment, plus it gives your a reason to stand up once in a while and water them... yes, let those charts rest for five minutes!

3 - Clean up (your mind)

It is scientifically proven that when we tidy up physical objects, we find a better inner balance. That makes sense. When you order your wardrobe after a week, it feels amazing, right? (Hell is difficult to keep it that way!).

Only imagine if your desk will look astonishing every single day. It’s not too difficult. Before your close the day, take a few minutes to put together papers, clips, gadgets and all stuff you’ve got there hanging around. We promise you next morning you’ll feel much better when coming in a clean desk.

4 - Two screens necessary?

This is a good one. Well, here it depends really on the type of trading you are working on (day trading, long term investment)... if you don’t have to stick all day in front of a screen, keep it simple. If you are (or trying to become) a day trader, then you could consider multiple screens in order to displace all necessary information straight forward instead of constantly jumping from one window/tab to another.

5 - Create a healthy environment

Water and fruits are the best choice. Avoid coffee excess and pastries. They will only make you feel heavier and less ready for the job.

Fort Financial Services

Frankfurt conference is in the focus of market’s attention right after German GDP data. Leaders of world central banks hopefully will present details on monetary policies thus significantly increasing volatility. However, this meeting may disappoint the market, if no new relevant data revealed. Yellen's term is coming to an end, and she is unlikely to shed light on plans for further implementation of the monetary policy of the US Federal Reserve. Draghi also delivered a speech and after the ECB meeting two weeks ago and last week, so it's also unlikely to say anything new. Therefore, it is rather difficult to predict the degree of influence for the market in advance.

In addition to the conference, we expect a large news block both from the US and from Europe. The EU will publish data on GDP for the third quarter, industrial production, etc. In the United States, investors will be interested in data on producer price index. And do not forget about the tax reform in the US. The issue remains unresolved and any news on this matter can significantly stir up the market. On the market chart, we see increased activity from market participants. The resistance level is 1.1660 is broken, the one which limited the upward impulse for a long time. New targets for growth are clear, levels 1.1780 and 1.1840. Recommendations: priority is given to longs on the price pullbacks. The nearest support level is at 1.1655. The first target is at the level of 1.1780, the medium-term target is at 1.1840.

Fort Financial Services

Asian stock indexes came under pressure in early trading hours on Tuesday following mixed sentiments from Wall Street and as traders awaited Chinese economic reports.

Australia ASX -43.00 -0.71% 6,054.20 OPEN

Shanghai Comp -9.65 -0.28% 3,438.18 OPEN

Hang Seng Index +60.08 +0.21% 29,242.26 OPEN

Nikkei 225 +128.70 +0.58% 22,509.69 OPEN

TSEC 50 Index +20.01 +0.19% 10,703.93 OPEN

China’s fixed asset investment grew 7.3 percent in October, a tick down from the previous month increase of 7.5 percent and a forecasted 7.4 percent.

Industrial production in the world’s largest manufacturing nation rose by 6.2 percent, also missing expectations of a 6.3 percent rise and a prior month 6.6 percent.

On the corporate front, Morgan Stanley is currently looking to expand its investment bank joint venture in China to 51 percent, according to MS CEO James Gorman.

The decision comes after the Chinese government announced last week that it would be easing foreign ownership rules on financial sector joint ventures.

Wall Street top three indexes ended with moderate gains on Monday, although market sentiment remained on the negative side as uncertainty reigns over the future of Trump’s tax reform.

The Dow Jones industrial average rose 17.49 points to end at 23,439.70, with Boeing among the biggest contributors of gains, while GE was the biggest decliner on the index. Dubai airline Emirates unveiled a provisional order for 40 of Boeing's 787 Dreamliners. The deal is worth $15.1 billion.

The S&P 500 marked a 0.1 percent gain at 2,584.84, with toys company Mattel adding an incredible 20 percent as reports said Hasbro is looking for a deal with the company.

The Nasdaq composite was up 0.2 percent at 6,757.60, with major tech names such as Netflix, Amazon and Facebook pushing upwards, while others like Apple went down.

General Electric, a component of the S&P 500, posted a strong loss of 7.2 percent as the company reported weaker-than-expected guidance for 2018. The management decided that GE will focus on its energy, aviation and healthcare divisions from now on.

Attention in global markets is currently directed to the developments on President Donald Trump’s tax reform bill, which is being analyzed by the Republican Senate.

“I am proud of the Rep. House & Senate for working so hard on cutting taxes {& reform.} We’re getting close! Now, how about ending the unfair & highly unpopular Indiv Mandate in OCare & reducing taxes even further? Cut top rate to 35% w/all of the rest going to middle income cuts?” wrote Trump on Twitter yesterday.

The House of Representatives is going to vote later this week on Trump’s tax reform bill, but there is plenty of uncertainty over the new regulation. The House’s tax-writing committee has recently said that it will now allow an elimination of a federal deduction for state and local taxes.

The numbers are looking pretty tight at the moment. Republicans have a 52-seat majority in the Senate and given the circumstances, two votes seems like a really small margin. Democrats are widely expected to vote against Trump’s proposal.

Ahead in the day, traders will be paying attention to comments from central bank leaders at 10:00 GMT, including ECB President Mario Draghi, Fed Chairwoman Janet Yellen, Bank of England Gov Mark Carney and Bank of Japan Gov Haruhiko Kuroda.

On the data front, Germany’s consumer price index (F: 0.0%) for October and third-quarter gross domestic product (F: 0.6% m/m) are due for release as of 07:00 GMT. At 09:30 GMT, the UK will presents its consumer (F: 0.2%) and producer price (F: 1.1%) indexes for October.

Fort Financial Services