Market Comment
US indices dropped on Monday pressured by shares in the Household & Personal Products, Media and Software & Services sectors. The S&P 500 (1845.73) remains above its 20d moving average (1818.5 - positive slope) and its 50d moving average (1822.2 - positive slope).
European markets are expected to start on a flat note.
European markets are expected to start on a flat note.
Foreign Exchange
US Dollar was mixed against most of its major counterparts on Monday. On the US economic data front, personal income rose 0.3% MoM (+0.2% expected) in January while personal spending increased 0.4% MoM (+0.1% expected). ISM manufacturing jumped to 53.2 (52.3 expected) in February from 51.3 the previous month. Finally, construction spending rose 0.1% MoM (-0.5% expected) after an upwardly revised 1.5% gain the prior month.
The Euro was under pressure against its major counterparts. Euro zone PMI manufacturing was 53.2 in February in final estimation, vs 53 in prior one and 54 the month before. In Germany, PMI manufacturing was 54.8 in February in final estimation vs 54.7 in prior one and 56.5 in January.
The Euro was under pressure against its major counterparts. Euro zone PMI manufacturing was 53.2 in February in final estimation, vs 53 in prior one and 54 the month before. In Germany, PMI manufacturing was 54.8 in February in final estimation vs 54.7 in prior one and 56.5 in January.
Commodities
After the close of Wall Street, WTI Crude Future (APR 14) was up $2.2 to $104.77. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35). The 14d RSI above 70 (71.25) indicates WTI Crude Future (APR 14) was overbought.
Gold was up $24.9 to $1351.3. The precious metal was above its 20D MA (@ $1307) and above its 50D MA (@ $1265).
Copper Future (MAY 14) on Comex was down 1.5c to 317.25c/lb. The contract was below its 20D MA (@ 330.62c) and below its 50D MA (@ 326.76c). In Europe, the London Metal Exchange reported its copper inventories decreased 2500 tons to 273725 tons.
Gold was up $24.9 to $1351.3. The precious metal was above its 20D MA (@ $1307) and above its 50D MA (@ $1265).
Copper Future (MAY 14) on Comex was down 1.5c to 317.25c/lb. The contract was below its 20D MA (@ 330.62c) and below its 50D MA (@ 326.76c). In Europe, the London Metal Exchange reported its copper inventories decreased 2500 tons to 273725 tons.
European Markets
ECB: Publication of the Consolidated Financial Statement of the Eurosystem (3pm CET)
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