Asian equities traded mainly higher on Friday following a strong lead from the American session as traders continued to speculate over a massive tax reform being passed in the upcoming days, while keeping an eye on incoming economic data.

Japan’s current account came in at 2.176 trillion yen for October, above an estimated 1.930 trillion seen, but down from a previous month 2.271 trillion.

In other news, Japan’s third-quarter gross domestic production was revised upwards to 0.6 percent quarter-over-quarter and 2.5 percent year-over-year. In both cases, data outperformed economists’ predictions of 0.4 percent and 1.5 percent respectively.

Earlier today, Chinese dollar-denominated exports terms rose 12.3 percent in November year-over-year, more than doubling economists’ forecast. On the other hand, imports added an incredible 17.7 percent last month, compared to an estimated 11.3 percent build seen.

The Dow Jones industrial average was up 70.57 points by the end of the session at 24,211.48. The S&P 500 rose 0.3 percent to end at 2,636.98. The Nasdaq composite added 0.5 percent to close at 6,812.84, helped by rising shares of Facebook and Amazon.

The US Labor Department said initial jobless claims stood at 236,000 last week, below an estimated 240,000 and a previous week 238,000.

On Thursday, a Republican leader hinted that the GOP tax reform resolution was meant to further changes before being handed to President Donald Trump for a final approval.

<<< Cryptocurrencies >>>

Bitcoin once again was in focus, as the world’s most popular cryptocurrency rose to nearly $19,000 on Thursday, although it later adjusted around 20 percent downwards. Speculation is high on this market. The currency has started 2017 around $1,000.

<<< Next in Europe >>>

Ahead in today’s session, Germany will release trade balance figures for October at 07:00 GMT, with a 21.8-billion-euro superavit seen.

<<< Next in the United States >>>

Ahead in today’s session, focus will be at fresh labor market data, including the unemployment rate, average hourly earnings and most importantly, nonfarm payrolls for November.

<<< Asian Stock Indexes at 07:15 GMT >>>

Australia ASX S&P +16.60 +0.27% 6,077.40

Shanghai Composite +17.84 +0.55% 3,289.89

Hong Kong Hang Seng +353.67 +1.25% 28,656.86

Japan Nikkei 225 +313.05 +1.39% 22,811.08

Taiwan TSEC 50 Index +42.86 +0.41% 10,398.62

Fort Financial Services

The dollar was trading 0.31 percent higher vs the Japanese yen at 113.44 as of 06:50 GMT on Friday, despite better-than-expected economic data in Japan boosting the yen.

Japan’s current account came in at 2.176 trillion yen for October, above an estimated 1.930 trillion seen, but down from a previous month 2.271 trillion.

In other news, Japan’s third-quarter gross domestic production was revised upwards to 0.6 percent quarter-over-quarter and 2.5 percent year-over-year. In both cases, data outperformed economists’ predictions of 0.4 percent and 1.5 percent respectively.

The American currency remains supported by rising speculation that the US Senate and House of Representatives will soon agree on a joint resolution over a massive tax reform.

The US dollar index, which measures the greenback against six major currencies, was trading at 93.86 by the time of this writing, up 0.10 percent.

According to the Trump administration, cutting taxes will allow citizens to have more cash in their pockets, boosting consumption and inflation, and also attract companies to relocate profits.

Also supporting the greenback were reports on a deal between Senate and House Republicans to pass a bill that would allow to skip a government shutdown in the upcoming days.

On the data front, the US Labor Department said initial jobless claims stood at 236,000 last week, below an estimated 240,000 and a previous week 238,000.

Ahead in today’s session, focus will be at fresh labor market data, including the unemployment rate, average hourly earnings and most importantly, nonfarm payrolls for November.

Fed funds tracked by CME Group’s FedWatch tool show participants weighing in a nearly 100 percent chance of a 25 basis points rate hike at the December 13 monetary meeting.

Fort Financial Services

The German stock index DAX futures were 0.78 percent higher as of 06:50 GMT at 13,103.0 points on Friday, with market players looking ahead to fresh data later in the day.

The German benchmark ended at 13,045.15 points on Thursday, adding 46.30 points or 0.36 percent, with Telecoms, Pharmaceuticals & Healthcare and Transportation & Logistics supported gains, while Consumer & Cyclical, Chemicals and Insurance turned to the downside.

The best performers of the session were Prosiebensat 1 Media, which added 3.06 percent or 0.850 points to 28.590. Commerzbank increased 2.32 percent or 0.280 points to 12.370 and RWE posted a 2.30 percent or 0.450 points gain at 20.015.

The worst performers of the session were BASF, which dropped 0.87 percent or 0.820 points to 93.070. Bayer was down 0.67 percent or 0.70 points at 104.15 and Muench. Rueckvers. declined 0.59 percent or 1.10 points to 184.00.

On the data front, German industrial production for October eased by 1.4 percent compared to an initially estimated increase of 1.0 percent.

In other news, the Eurozone’s third-quarter gross domestic product came in at 0.6 percent, in line with expectations. On annual basis, the GDP showed a 2.6 percent growth rate.

On Thursday, attention was also directed to a speech by ECB President Mario Draghi, who delivered remarks in a press conference by the Bank for International Settlements.

“When the next crisis will be is hard to foresee. But the present system is much more resilient than the one we saw before the crisis,” said Draghi.

Ahead in today’s session, Germany will release trade balance figures for October at 07:00 GMT, with a 21.8-billion-euro superavit seen.

Fort Financial Services

GOLD

Gold futures were lower in early trading hours on Friday as investors turned to official labor data scheduled for release later in the day in the US session.

On the Comex division of the New York Mercantile Exchange, gold futures were down 0.17 percent at $1.251.90 a troy ounce as of 06:50 GMT.

The yellow metal settled to the downside on Thursday near four-month lows as the dollar continued to gain on the back of rising optimism over the long-awaited US tax reform.

The US dollar index, which measures the greenback against six major currencies, was trading at 93.86 by the time of this writing, up 0.10 percent.

Gold extended losses for a third consecutive session as market participants are increasing their bets on a potential tax reform bill meant to reduce tax pressure for individuals and corporations.

According to the Trump administration, cutting taxes will allow citizens to have more cash in their pockets, boosting consumption and inflation, and also attract companies to relocate profits.

Also supporting the greenback were reports on a deal between Senate and House Republicans to pass a bill that would allow to skip a government shutdown in the upcoming days.

The US Labor Department said initial jobless claims stood at 236,000 last week, below an estimated 240,000 and a previous week 238,000.

Dollar-denominated gold is sensitive to interest rate moves. A stronger base currency makes the metal more expensive and less competitive for investors holding other currencies.

Fed funds tracked by CME Group’s FedWatch tool show participants weighing in a nearly 100 percent chance of a 25 basis points rate hike at the December 13 monetary meeting.

Ahead in today’s session, focus will be at fresh labor market data, including the unemployment rate, average hourly earnings and most importantly, nonfarm payrolls for November.

OIL

Oil futures were slightly lower in early trading hours on Friday, as market participants turned their attention to the weekly oil rig count, which is due later in the day.

Oilfield services firm Baker Hughes will release its weekly oil rig count as of 18:00 GMT. Last week, it reported a raise by 2 rigs to a total count of 749 units, the highest level since Sept.

The US West Texas Intermediate crude contracts were down 0.09 percent to $56.64 per barrel as of 06:50 GMT. Meanwhile, Brent futures eased 0.05 percent to $62.17 a barrel.

Sentiment in the oil market continued to be influenced by the same factors: OPEC-led output cuts and speculation on a larger US shale oil production.

Earlier this week, the Energy Information Agency (EIA) said crude stockpiles fell by 5.6 million barrels in the week ended December 2, more than a forecasted 3.4 million barrels drop.

The agency also said gasoline supplies added 6.8 million barrels, above an estimated 1.7 million barrels build. Distillate products grew 1.7 million barrels vs a 967,000-barrel draw seen.

Previously, the American Petroleum Institute had said crude inventories dropped by 5.481 million barrels last week.

Last week, OPEC and its allies agreed to extend its output cuts agreement beyond March 2018 for a nine-month period, with a steady reduction target of 1.8 million barrels per day.

Despite this deal has already supported growth of oil benchmarks in the past few months, traders are moderately skeptical about its ability to counteract rising supply levels.

Fort Financial Services

Monday

United States: the JOLTs job openings report for October will be released as of 15:00 GMT.

Tuesday

Asia: Australia’s third-quarter house price index is due at 00:30 GMT, along with the NAB business confidence index for November.

Europe: the United Kingdom kicks off the week with the November edition of its consumer price index and producer price index input as of 09:30 GMT. Analysts are forecasting a 0.2 percent build in consumer prices last month. In Germany, attention will be directed to ZEW current conditions and economic sentiment for December at 10:00 GMT.

United States: a fresh look at the producer price index for November is up at 13:30 GMT. The Federal Budget Balance is scheduled for release at 19:00 GMT.

Wednesday

Europe: Germany’s consumer price index for November is due at 07:00 GMT, followed by the unemployment rate and claimant count change for October and November in the UK at 09:30 GMT. The Eurozone will present its latest industrial production figures at 10:00 GMT.

United States: the consumer price index for November will get out as of 13:30 GMT, with a 0.3 percent month-over-month build seen. And finally, the Federal Reserve will announce its long-awaited interest rate decision for December at 19:00 GMT. Federal Reserve Chairwoman Janet Yellen is set to speak following the official statement at 19:30 GMT.

Thursday

Asia: Australia will present its November employment report at 00:30 GMT, including employment change and the unemployment rate. China is due to release fixed asset investment figures and industrial product for November at 02:00 GMT, while a Japanese look at the latest one is scheduled at 04:30 GMT. The Tankan large manufacturers and non-manufacturers index for the fourth-quarter will be unveiled at 23:50 GMT.

Europe: Markit Economics will present December manufacturing and services PMI indexes for Germany and the Eurozone as of 08:30 GMT and 09:00 GMT respectively. Later on, traders will focus on the Bank of England monetary policy meeting, with announcements set at 12:00 GMT. UK retail sales for November are up at 09:30 GMT. The European Central Bank also gathers and presents its interest rate decision at 12:45 GMT.

United States: retail sales for November, along with the import and export price index are expected at 13:30 GMT. Manufacturing and services PMI indexes for December are up at 14:45 GMT.

Friday

Europe: EU’s trade balance figures for October are due at 10:00 GMT.

United States: the NY Empire States manufacturing index for December will be out at 13:30 GMT. Industrial production for November is due for release at 14:15 GMT.

Fort Financial Services

Asian equity markets traded without a unified direction on Thursday, with some indexes recovering from previous session losses, while investors awaited fresh developments concerning the long-awaited tax reform in the United States and prepared for labor data.

Market players took a breather on Wednesday as several reports said Republican House and Senate will soon pass a bill to avoid a US government shutdown from Dec 8 to Dec 22.

Meanwhile, speculation over the GOP-backed tax reform continued to be a key factor for traders. Now the bill, recently voted in the Senate, enters in a negotiation phase with the House.

In that regard, the US dollar index, which gauges the greenback against six major currencies, was trading at 93.64 by the time of this writing, up 0.06 percent.

On the data front, ADP/Moody's Analytics monthly report showed US private payrolls adding 190,000 jobs in November, above an initially forecasted 185,000.

<<< Politics >>>

On Wednesday, President Donald Trump said the US will now recognize Jerusalem as the capital of Israel, a controversial move that has already been received with strong criticism in the international community, especially among Arab nations.

<<< Cryptocurrencies >>>

Bitcoin, the world’s most popular cryptocurrency, has touched a fresh all-time high of $14,000, less than a day after breaking above the $12,000 milestone.

<<< Next in Europe >>>

Investors will also keep an eye on a speech by the European Central Bank President Mario Draghi due at 16:00 GMT in search for hints on the future of monetary policy in the region.

<<< Next in the United States >>>

In the American session, traders will get a new look at the weekly initial jobless claims count as of 13:30 GMT, with an expected increase to 240,000 from a prior week 238,000 reading.

<<< Asian Stock Indexes at 06:45 GMT >>>

Australia ASX S&P +30.90 +0.51% 6,060.80

Shanghai Composite -28.28 -0.86% 3,265.69

Hong Kong Hang Seng +39.27 +0.14% 28,264.07

Japan Nikkei 225 +320.99 +1.45% 22,498.03

Taiwan TSEC 50 Index -38.16 -0.37% 10,355.76

Fort Financial Services

The dollar was trading 0.27 percent higher vs the Japanese yen at 112.58 as of 05:35 GMT on Thursday, as the greenback continued to rise on the back of tax reform speculation.

The US dollar index, which gauges the greenback against six major currencies, was trading at 93.64 by the time of this writing, up 0.06 percent.

In the previous session, various reports pointed to a potential deal between GOP leadership in the House of Representatives and Senate to pass a bill and avoid a government shutdown from December 8 to December 22.

On the data front, ADP/Moody's Analytics monthly report showed US private payrolls adding 190,000 jobs in November, above an initially forecasted 185,000.

Ahead today, traders will get a new look at the weekly initial jobless claims count as of 13:30 GMT, with an expected increase to 240,000 from a prior week 238,000 reading.

The pair remains in a tight range as there haven’t been strong catalysts causing relevant moves as for this pair concerns. The 112.0 mark continues to secure the lower side, while the bullish side remains limited by 113.0 and 114.5 in extension.v

Traders are currently looking at official employment figures from the US Labor Department, which are due for release tomorrow Friday at noon.

By the end of this day in the Western world at 23:50 GMT, Japan will release its adjusted current account, third-quarter gross domestic product and trade balance figures.

Fort Financial Services

The German stock index DAX futures were 0.29 percent higher as of 07:25 GMT at 13,038.5 points on Thursday, with players looking ahead to key economic releases later in the day.

Today, attention will be directed to German industrial production figures for October as of 07:00 GMT (Forecast: 1.0%) and a revision of Eurozone’s gross domestic product for the third quarter at 10:00 GMT (Forecast: 0.6% m/m, 2.5% y/y).

Investors will also keep an eye on a speech by the European Central Bank President Mario Draghi due at 16:00 GMT in search for hints on the future of monetary policy in the region.

On Wednesday, ECB member Yves Mersch said the regulator should start planning the end of its bond-buying program as the current level of stimulus seems unnecessary.

“While a too quick end to the buying program could lead to excessive market reactions, we should not forget that the longer the programme lasts, [...] the greater the risks will become,” said Mersch, adding that the central bank should’ve a symmetrical approach to inflation.

The benchmark ended in Frankfurt 0.38 percent or 49.69 points lower at 12,998.85, with Consumer & Cyclical, Transportation & Logistics and Technology dragging it down.

On the data front, German factory orders increased 0.5 percent in October, outperforming an expected decline of 0.3 percent, but below a prior month advance of 1.2 percent.

The best performers of the session were Prosiebensat 1 Media, which added 2.93 percent or 0.790 points to 27.740. Deutsche Boerse rose 1.03 percent or 1.000 points at 97.900 and Adidas was up 1.01 percent or 1.80 points to 179.25.

The worst performers of the session were Volkswagen, which dropped 2.84 percent or 4.85 points to 165.90. Deutsche Post eased 2.70 percent or 1.100 points to 39.600 and Commerzbank was down 2.22 percent or 0.275 points at 12.090.

Fort Financial Services

GOLD

Gold futures were lower in early trading hours on Thursday, with market participants looking ahead to fresh economic releases in Europe and the United States later in the day.

On the Comex division of the New York Mercantile Exchange, gold futures were up 0.49 percent at $1.259.90 a troy ounce as of 07:25 GMT.

The yellow metal traded close to six-week lows on Wednesday as the greenback gained support in the light of easing uncertainty over a possible US government shutdown.

In the previous session, various reports pointed to a potential deal between GOP leadership in the House of Representatives and Senate to pass a bill and avoid a government shutdown from December 8 to December 22.

On the data front, ADP/Moody's Analytics monthly report showed US private payrolls adding 190,000 jobs in November, above an initially forecasted 185,000.

The US dollar index, which gauges the greenback against six major currencies, was trading at 93.64 by the time of this writing, up 0.06 percent.

Dollar-denominated gold is sensitive to interest rate moves. A stronger base currency makes the metal more expensive and less competitive for investors holding other currencies.

On Wednesday, President Donald Trump said the US will now recognize Jerusalem as the capital of Israel, a controversial move that has already been received with strong criticism in the international community, especially among Arab nations.

According to some analysts, this announcement could bring some consequences to the administration, possibly weighing on the dollar.

In the American session, traders will get a new look at the weekly initial jobless claims count as of 13:30 GMT, with an expected increase to 240,000 from a prior week 238,000 reading.

OIL

Oil futures were mixed in early trading hours on Thursday, as market participants continued to digest inventory data from the United States, while looking ahead to the weekly oil rig count.

The US West Texas Intermediate crude contracts were down 0.09 percent to $55.91 per barrel as of 07:25 GMT. Meanwhile, Brent futures up 0.08 percent to $61.27 a barrel.

Benchmarks settled in red territory on Wednesday following a third-straight weekly decline in crude stockpiles and a larger-than-expected increase in gasoline reserves.

The Energy Information Agency (EIA) said crude supplies dropped 5.6 million barrels for the week ended December 2, outperforming expectations of a 3.4 million-barrel drop.

The report also showed gasoline stocks growing 6.8 million barrels, above a forecasted 1.7 million barrels build. Distillate products rose 1.7 million barrels vs a 967,000-barrel draw seen.

Some analysts noted that it was not entirely uncommon to see gasoline stockpiles rising at this time of the year, but the build could be related to weak demand levels.

Previously, the American Petroleum Institute had said crude inventories fell by 5.481 million barrels last week.

Oilfield services provider Baker Hughes will release its weekly oil rig count on Friday. Last week, the firm reported a raise in the total oil rig count to 749 units, the highest level since September.

Earlier this week, benchmarks were supported by bullish sentiment related to the extension of the OPEC-led output cuts agreement for a nine-month period beyond March 2018.

Fort Financial Services

Two days ago we spoke about different ways to understand whether it is time to move from a demo trading account to a real trading account. However, we have not mentioned the differences of these types of accounts in terms of trading psychology. Let’s see:

1 - A real account switches on real emotions

Trying to keep emotions away from your trading terminal might be the right thing to do, but let’s all simply agree on the fact that that is quite unnatural. Emotions, if managed correctly, can actually help you become a better trader.

Staying emotionless in a demo account is rather easy as you operate in a risk-free trading environment. When real money is on stake, emotions become stronger and the game gives a 360 degree turn that could threaten your portfolio.

2 - Development of risk management skills

You have no liquidity problems. In less than 10 minutes, your account has received 10,000 USD for trading. Of course, I am talking about a demo account. As everything moves smoothly, you don’t really think about the size of your trades. Until markets hit you and your balance falls down.

The problem is… there is no “restart” button in a real account. That is why practicing risk management skills EVEN when operating in a demo version will put you a step ahead.

3 - When real bucks are on play, things get serious

Despite the obvious limitations of a demo trading account, you make it more realistic by just changing your attitude and mindset from demo to real.

Build habits of real traders, be consistent, be methodic, be smart. Read the news, analize and do not get lazy. Staying on top of the game is falls entirely on your hands.

Practice risk management as a real pro will do. Set right your stop loss and take profit orders. Do not risk more than 1% of your capital in a single trade.

Fort Financial Services

Equity indexes in Asia were mainly lower in late hours on Wednesday, as investors’ sentiment was affected by a weak close on Wall Street and as Australia missed its Q3 GDP estimation.

The Australian economy expanded by 0.6 percent in the three months leading to September, down from an initially forecasted 0.7 percent build. On yearly basis, the growth rate stood at 2.8 percent, also below an expected 3.0 percent.

In the previous session, the Reserve Bank of Australia (RBA) announced its decision to keep steady its cash rate at a record low of 1.5 percent. Central bank analysts noted that the country’s economy is likely to expand at nearly a 3 percent rate in the next few years.

On the corporate front, Samsung Heavy Industries stocks dropped 28 percent with news agency Reuters saying the company is expected to fill an operating loss of $220 million next year.

Overnight, Wall Street was marked by a red close as technology stocks were unable to sustain optimism among investors as speculation over Trump’s tax reform bill continued to weigh.

The Dow Jones industrial average ended 109.41 points lower at 24,180.64, while the S&P 500 took a 0.4 percent hit to finish at 2,629.57. The Nasdaq was down 0.2 percent at 6,762.21.

The ISM non-manufacturing PMI fell short on expectations at 57.4 in November from a predicted 59.0 reading and a prior month 60.1.

In other news, the Commerce Department said the trade deficit expanded in October from $44.90 billion to $48.70 billion, above an estimated growth to $47.50 billion.

<<< Next in Europe >>>

Ahead in today’s session, Germany’s factory orders for October are due for release at 07:00 GMT, while a speech from ECB member Mersch is scheduled at 10:30 GMT.

<<< Next in the United States >>>

In the US agenda today, focus will be directed to the ADP nonfarm employment change for November, a report that anticipates official NFP on Friday.

<<< Asian Stock Indexes at 06:50 GMT >>>

Australia ASX S&P -27.40 -0.45% 6,029.90

Shanghai Composite -25.23 -0.76% 3,278.45

Hong Kong Hang Seng -483.61 -1.68% 28,359.19

Japan Nikkei 225 -445.34 -1.97% 22,177.04

Taiwan TSEC 50 Index -172.93 -1.64% 10,393.92

Fort Financial Services

The dollar was trading 0.37 percent lower vs the Japanese yen at 112.16 as of 05:35 GMT, with investors awaiting for fresh data in search direction.

The US dollar index, which gauges the American currency against six major rivals, was trading at 93.18 by the time of this writing, down 0.16 percent.

In the previous session, the dollar extended gains following the approval of Republican-drafted tax reform bill by the Senate, meant to cut taxes to boost economic growth and inflation levels.

That would push the Federal Reserve to increase interest rates at a faster pace, and maybe even consider ramping up the plan to unwind the regulator’s massive balance sheet.

Reports released in the last few days are suggesting a joint resolution between the Senate and the House of Representatives will be ready before Christmas.

In the US agenda today, focus will be directed to the ADP nonfarm employment change for November, a report that anticipates official NFP on Friday.

Support for the greenback today is easing, specially following downbeat activity data in the services sector. The ISM non-manufacturing PMI fell short on expectations at 57.4 in November from a predicted 59.0 reading and a prior month 60.1.

In other news, the Commerce Department said the trade deficit expanded in October from $44.90 billion to $48.70 billion, above an estimated growth to $47.50 billion.

If the downtrend gains momentum and the 112 mark gets broken, we could see an extension to the 111 level and further, although that one is expected to offer strong support for the pair.

On the contrary, a break above 113 would open the gates to further growth up to 114.5 and 115.0 depending on the intensity of the bullish dynamic.

Fort Financial Services

The German stock index DAX futures were 0.33 percent lower as of 05:55 GMT at 13,006 points on Wednesday, as trading activity remains constricted in the lack of catalysts.

Ahead in today’s session, Germany’s factory orders for October are due for release at 07:00 GMT, while a speech from ECB member Mersch is scheduled at 10:30 GMT.

The German benchmark ended at 13,048.54 on Tuesday in Frankfurt, with a tiny loss of 0.08 percent, with Basic Resources, Food & Beverages and Insurance weighing on the index.

Sectors such as Utilities, Technology and Financial Services contributed to cap losses during the session and keep the benchmark within the current thin range.

On the data front, activity in Germany’s services sector notched down in November to 54.3 from a prior month reading of 54.9. Eurozone’s services PMI came in line with expectations at 56.2.

Also, retail sales in the Eurozone dropped 1.1 percent in October, more than a forecasted decline of 0.7 percent and a previous month 0.8 percent increase.

The best performers of the session were Vonovia, which adde 2.25 percent or 0.90 points to 40.66, Infineon Technologies rising 1.99 percent or 0.445 points to 22.815 and Deutsche Boerse up 1.79 percent or 1.700 points to 96.900.

The worst performers of the session were Volkswagen, which dropped 1.50 percent or 2.60 points to 170.75. Thyssenkrupp fell 1.31 percent or 0.300 points to 22.560 and Bayer was down 1.16 percent or 1.25 points at 106.15.

Fort Financial Services

GOLD

Gold futures were higher in early hours on Wednesday as market players looked ahead to unofficial employment data later in the day.

On the Comex division of the New York Mercantile Exchange, gold futures were up 0.32 percent at $1.269.20 a troy ounce as of 05:35 GMT.

On Tuesday, the yellow metal traded in red territory as the recent green light to a major US tax reform bill continued to support the American currency across the board.

Gold futures were down about 0.21 percent at $1,275.10 per ounce as of 12:40 GMT.

The dollar recovered following the approval of Republican-drafted tax reform bill by the Senate, which is meant to reduce taxes and therefore, boost economic growth and inflation levels.

Those factors would push the Federal Reserve to increase interest rates at a faster pace, and maybe even consider ramping up the plan to unwind the regulator’s massive balance sheet.

Reports released in the last few days are suggesting a joint resolution between the Senate and the House of Representatives will be ready before Christmas.

The US dollar index, which gauges the American currency against six major rivals, was trading at 93.18 by the time of this writing, down 0.16 percent.

Dollar-denominated gold is sensitive to interest rate moves. A stronger base currency makes the metal more expensive and less competitive for investors holding other currencies.

Ahead in today’s session, German factory orders for October are up at 07:00 GMT, with a 0.3 percent decline seen. In the United States, focus will be directed to the ADP nonfarm employment change for November, a report that anticipates official NFP on Friday.

OIL

Oil futures were lower in Asian trading hours on Wednesday, with market players digesting inventory estimates and preparing for official data later in the day.

The US West Texas Intermediate crude contracts were down 0.38 percent to $57.40 per barrel as of 06:05 GMT. Meanwhile, Brent futures down 0.37 percent to $62.63 a barrel.

Crude benchmarks were mixed on Tuesday as support from the OPEC-led output cuts agreement extension eased and concerns over rising US shale oil production weighed.

Overnight, the American Petroleum Institute said crude inventories dropped by 5.481 million barrels last week, above an estimated decline of 4.1 million barrels.

Ahead in today’s session, investors will be focusing on the release of crude and refined products stockpiles figures by the US Energy Information Administration.

Last week, oilfield services provider Baker Hughes reported a raise in the total oil rig count to 749 units, the highest level since September.

According to recent EIA data, shale oil production in the US has grown nearly 15 percent since a bottom in mid-16 and increasing rigs preview even further advances.

Investors doubt that OPEC and its allies will be able to counteract increasing US production and continue to support prices. Last week, output cuts were extended for nine-months until the end of 2018, although the target reduction remained at 1.8 million barrels a day (bpd).

Fort Financial Services

For those who belong to the “Greed Is Good” generation, this is sensitive topic indeed. Just imagine, being raised thinking that greed is the what moves people, countries and literally everything around you.

At some point, you have probably understood there was something wrong with that philosophy as you have met people entirely motivated by things can’t simply be bought with money.

Before moving forward with that idea, it is important we have a unified definition of greed: “A selfish and excessive desire for more of something (such as money) than is needed” (Source: Merriam-Webster).

The key word in this definition is “excessive”, because after all there is nothing wrong with desiring to have some money. Excessive is what drives people into crazy, bad decisions.

Balance is the ideal state of a trader. Why do you think yoga is so popular? Because it helps people to calm down, find balance between all what happens around. In trading, there are two sides that you should avoid: greed and fear. These places are toxic for your portfolio.

While greed pushes to act impulsively in search for higher returns, fear will keep you from taking potentially good opportunities to make money. In both cases, failure is just around the corner.

Instead, try practicing some critical thinking, defining clear and reachable goals that will serve as motivation, not as pressure. Giving yourself time to think and take decisions that last and will bring joy, that’s where you should put your money.

Fighting greed?

Yes, it is possible to overcome greed, but it is not easy. A good place to start is sitting down and breathing deeply, trying to understand what is wrong with your trading right now. What makes you feel out of place? Is it that you are opening too many positions? Risking excessively?

Maybe it’s time to follow a plan consistently, reducing the number of positions opened randomly and yes, working on your risk management skills.

And remember: never is too late for positive change.

Fort Financial Services

International financial broker FortFS launches an outstanding daily contest “FortGold” for the best gold quotes forecast. As well as in any other similar contest during the day the participants have to leave their forecasts in this blog. The next day the competition results are summarizing according to which the winner receives 10 USD to the real trading account opened in FortFS.

You send us your forecast – we pay you the 10 USD prize!

Common rules for FortGold contest:

1. Contest is held on weekdays on a daily basis.
2. The contest will take place only if the total amount of forecasts for the day is 5 or more
3. Forecast might be applied on forum in “FortGold” topic starting from 03:00 and up to 18:00 (GMT+3).
4. Each participant is allowed to leave a forecast only once in a day.
5. To win the prize you shall provide as accurate as possible quotes forecast for XAU/USD contract at the moment of the trading session end.
6. The difference between the forecasts must be no less than five pips. For example, if there is a forecast on 1.1055 it means that the next one must be set at 1.1060 or 1.1050.
7. Closing price is determined according to FORT (four digit) account type of “Fort Financial Services” trading platform.
8. Daily prize pool (prize fund) is 10 USD.
9. Prize amount and its profit are available for withdrawal as soon as you complete 1 lot of required trading turnover.
10. Prize is credited to the real trading account that is registered and verified in Fort Financial Services Company.
11. The winner is selected the next day and the name appears in this topic. To get the prize the winner should send a private message to the company’s official representative on forum specifying the real trading account number.
12. The prize is credited within the day after receiving of private message.
13. The contest starts on 5th of December 2017. More info concerning the end date coming soon.

Take a part and get your prize!