Friday, March 14, 2014

EVENTS & FINANCIAL NEWS 14-03-2014

Market Comment

US indices dropped on Thursday pressured by shares in the Automobiles & Components, Semiconductors & Semiconductor Equipment and Software & Services sectors. The S&P 500 (1846.34) broke below its 20d moving average (1853.7 - positive slope), but remains above its 50d moving average (1829 - positive slope).

European markets are expected to open on a negative note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Thursday. On the US economic data front, retail sales advance rose 0.3% MoM (+0.2% expected) in February after a downwardly revised 0.6% loss the previous month. Initial Jobless claims fell to 315K (330K expected and 324K prior) in the week ended March 8th. Finally, Import Price Index increased 0.9% MoM (+0.5% expected) in February.

The Euro was under pressure against its major counterparts. In Europe, French consumer prices were up by 0.6% in February after a 0.6% slid the month before. Economists expected a 0.5% increase.

Commodities

After the close of Wall Street, WTI Crude Future (APR 14) was about flat to $98.24. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35).

Gold was up $5.6 to $1372.5. The precious metal was above its 20D MA (@ $1337) and above its 50D MA (@ $1287).

Copper Future (MAY 14) on Comex was down 3.9c to 292.3c/lb. The contract was below its 20D MA (@ 330.62c) and below its 50D MA (@ 326.76c). The 14d RSI below 30 (20.59) indicates Copper Future (MAY 14) contract was oversold. In Europe, the London Metal Exchange reported its copper inventories decreased 2225 tons to 253275 tons.

Today's Economic Events

GE 07:00: FEB Consumer Price Index (MoM): 0.5%
UK 09:30: JAN Trade Balance Non EU25 (Mln GBP): -2600
GE 07:00: FEB CPI - EU Harmonised (MoM): 0.5%
UK 09:30: APR Visible Trade Balance (Mln GBP): -8600
US 13:55: FEB U. of Michigan Confidence: 82

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