What's Happening Today:
- Following a mostly higher close in Asia and mostly positive tone in Europe, the U.S.-based futures are pointing to a higher open this morning. Global politics once again takes center stage as the relationship between Turkey and the US take a turn for the worse. The two countries have suspended non-immigrant visa services. As a result volatility returned to the Turkish Lira following the announcement. The currency traded as high as 3.7715 today.
- In the wake of the most recent job figures, traders will be looking for confirmation for the prospective December rate hike. With the rise in hourly wages, economists will be closely monitoring confirming indicators such as the CPI, PPI, PCE Deflator among others.
- WTI Crude Oil and gasoline continue to be at the forefront of activity on international and domestic levels. With the passing of Hurricane Nate in the southern portion over the US weekend, U.S.-based petroleum production will begin to return to normal. Additionally, OPEC and Russia based ministers are continuing to look to ways to stabilize the price equilibrium of the commodity.