Top 5 Things to Know Before You Start Trading
This Wednesday the British pound and gold are trading at new highs, and indices beat expectations.
1 – Cable Trading Near 1-Year High
GBP/USD climbed to its highest levels against the US dollar (USD) since mid-September on Tuesday. Data showing UK factory activity growth recovered from a seven-month low in July, eased concerns about an economic slowdown. Against the euro, the pound gained 0.3 percent on the day to trade at 89.35 pence, but that was less than a cent away from last week’s lows.
2 – Gold Prices Near 7-Week High
Gold prices held near the seven-week high struck in the previous session early on Wednesday, as downbeat U.S. data weakened the prospect of the Federal Reserve pursuing an aggressive rate hike stance. Spot gold was little changed at $1,268.00 per ounce but it hit $1,273.97 in the previous session, the highest since June 14.
3 – Wall Street Q2 Earnings Beat Expectations
With two-thirds of S&P 500 companies having reported their second-quarter earnings, 72 percent have beaten Wall Street’s expectations, according to Thomson Reuters. In a typical quarter, 64 percent of companies beat expectations. The S&P 500 gained 0.24 percent to 2,476.35 and the Nasdaq Composite added 0.23 percent to 6,362.94.
4 – Dow Jones Hits a 5th Record High
The Dow Jones Industrial Average racked up a fifth straight record high on Tuesday and neared the 22,000 mark, powered by Goldman Sachs, JP Morgan Chase, and other banks. Apple rose 0.89 percent as Wall Street awaited the largest publicly listed company’s quarterly report after the bell, with the iPhone maker expected by analysts to post a 6-percent rise in revenue. The Dow has risen 11 percent in 2017.
5 -US Factory Activity Lower
A gauge of U.S. factory activity slid from a near three-year high in July amid a slowdown in new orders. Consumer spending barely rose in the prior month, setting the stage for a moderate economic expansion in the third quarter. The euro was 0.3 percent stronger at $1.1837 holding below a 2-1/2-year peak of $1.1846 set the previous day.