Friday, April 25, 2014


Market Comment

US indices rose on Thursday helped by shares in the Technology Hardware & Equipment, Retailing and Household & Personal Products sectors. The S&P 500 (1878.61) remains above its 20d moving average (1861.7 - positive slope) and its 50d moving average (1857.5- positive slope).

European markets are expected to open on a flat note.

Foreign Exchange

US Dollar was mixed against most of its major counterparts on Thursday. On the US economic data front, durable good orders jumped 2.6% MoM (+2.0% expected) in March after a downwardly revised 2.1% gain the previous month. Initial jobless claims rose to 329K (315K expected and 305K prior) in the week ended April 19th.

The Euro was mixed against its major counterparts. In Europe, Ifo said its Business Climate Index for Germany rose to a seasonally adjusted 111.2 in April, up from a reading of 110.7 in March.


After the close of Wall Street, WTI Crude Future (JUN 14) was about flat to $101.94. The contract was above its 20D MA (@ $100.59) and above its 50D MA (@ $100.09).

Gold was up $8.9 to $1292.8. The precious metal was below its 20D MA (@ $1298) and below its 50D MA (@ $1320).

Copper Future (JUL 14) on Comex was up 4.7c to 308.65c/lb. The contract was above its 20D MA (@ 300.44c) and below its 50D MA (@ 310.7c). In Europe, the London Metal Exchange reported its copper inventories decreased 1025 tons to 239950 tons.

European Markets

ECB: Presentation by Danièle Nouy at Session 3 "Supervision" at the conference "De Nederlandsche Bank 200 years: central banking in the next two decades" organised by De Nederlandsche Bank in Amsterdam, Netherlands. (1030am CET)

Today's Economic Events

UK 09:30: MAR Retail Sales (MoM): -0.5%
US 14:55: APR U. of Michigan Confidence: 83

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