Monday, June 2, 2014


Market Comment

US indices were mixed on Friday. Shares in the Food & Staples Retailing, Household & Personal Products and Utilities sectors traded higher while shares in the Technology Hardware & Equipment, Media and Energy sectors were under pressure. The S&P 500 (1923.57) remains above its 20d moving average (1890.1 - positive slope) and its 50d moving average (1874.6 - positive slope).

European markets are expected to start on a positive note.

Foreign Exchange

US Dollar fell against most of its major counterparts on Friday. On the US economic data front, personal income rose 0.3% MoM as expected in April while personal spending declined 0.1% MoM (+0.2% expected). Chicago purchasing manager index jumped to 65.5 (61.0 expected) in May from 63.0 the previous month. Finally, the Thomson Reuters/University of Michigan final index of sentiment dropped to 81.9 (82.5 expected) in May from 84.1 the previous month.

The Euro was firm against its major counterparts. In Europe, German retail sales fell 0.9% in April after a 0.1% gain in March (revised from -0.7%). Economists anticipated a 0.2% increase.

The Australian Dollar was mixed against its major counterparts.


After the close of Wall Street, WTI Crude Future (JUL 14) was down $0.7 to $102.86. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was down $4.4 to $1251.2. The precious metal was below its 20D MA (@ $1288) and below its 50D MA (@ $1294).

Copper Future (JUL 14) on Comex was down 1.2c to 313.25c/lb. The contract was above its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). In Europe, the London Metal Exchange reported its copper inventories decreased 1150 tons to 171350 tons.

Today's Economic Events

UK 09:30: APR M4 Money Supply (MoM): NA
GE 13:00: APR Consumer Price Index (MoM): NA
GE 13:00: APR CPI - EU Harmonised (MoM): NA
US 15:00: APR Construction Spending (MoM): 0.5%
US 15:00: MAY ISM - Manufacturing: 55.5
US 15:00: MAY ISM - Price Paid: NA

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