Friday, April 4, 2014


Market Comment

US indices declined on Thursday pressured by shares in the Software & Services, Retailing and Consumer Durables & Apparel sectors. The S&P 500 (1888.77) remains above its 20d moving average (1866.4 - flat slope), and its 50d moving average (1837.3 - positive slope). Watch today's US employment reports.

European markets are expected to start on a positive note.

Foreign Exchange

US Dollar was firm against most of its major counterparts on Thursday. On the US economic data front, trade deficit widened by 7.7% to $42.3B ($38.5B expected) in February. Initial jobless claims rose to 326K (319K expected and 310K prior) in the week ended March 29th. Finally, ISM non-manufacturing jumped to 53.1 (53.5 expected) in March from 51.6 the previous month.

The Euro was under pressure against its major counterparts. In Europe, euro zone PMI composite was 53.1 in March in final estimation vs 53.2 in prior one. It was 53.3 the month before. PMI services was 52.2, vs 52.4 expected and 52.6 in February. Separately, euro zone retail sales gained 0.4% in February after a 1% increase in January (revised from +1.6%). Economists anticipated them to be down by 0.5%. In Germany, PMI services was 53 in March in final estimation vs 54 anticipated and 55.9 the month earlier.


After the close of Wall Street, WTI Crude Future (MAY 14) was up $0.7 to $100.34. The contract was below its 20D MA (@ $100.38) and above its 50D MA (@ $98.05).

Gold was down $3.4 to $1286.5. The precious metal was below its 20D MA (@ $1326) and below its 50D MA (@ $1310).

Copper Future (MAY 14) on Comex was down 1.6c to 303c/lb. The contract was below its 20D MA (@ 307.74c) and below its 50D MA (@ 319.17c). In Europe, the London Metal Exchange reported its copper inventories decreased 1275 tons to 260100 tons.

Today's Economic Events

US 13:30: MAR Unemployment Rate: 6.6%
US 13:30: MAR Change in Nonfarm Payrolls (Thsd): 200
US 13:30: MAR Change in Manufact. Payrolls (Thsd): 6

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