Tuesday, June 17, 2014


Market Comment

US indices gained on Monday helped by shares in the Health Care Equipment & Services, Utilities and Automobiles & Components sectors. The S&P 500 (1937.78) remains above its 20d moving average (1921.1 - positive slope) and its 50d moving average (1889.7 - positive slope). The FOMC meeting starts today and will announce its rate decision tomorrow.

European markets are expected to start on a flat note.

Foreign Exchange

US Dollar was under pressure against most of its counterparts on Monday. On the US economic data front, Empire Manufacturing was larger than expected at 19.28 (15 expected). Net Long Term TIC Flows were -$24.2B (+37.5B expected). Industrial Production rose 0.6% MoM in May (0.5% expected).

The Euro was up against most of its counterparts. In Europe, Eurozone inflation eased to 0.5 percent in May from 0.7 percent in April, in line with expectations.

The Australian Dollar fell against all of its major counterparts.


After the close of Wall Street, WTI Crude Future (JUL 14) was about flat to $106.79. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35). The 14d RSI above 70 (75.05) indicates WTI Crude Future (JUL 14) was overbought.

Gold was down $4.2 to $1272.7. The precious metal was above its 20D MA (@ $1266) and below its 50D MA (@ $1286).

Copper Future (SEP 14) on Comex was up 1.5c to 304.25c/lb. The contract was below its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). In Europe, the London Metal Exchange reported its copper inventories decreased 1450 tons to 162250 tons.

European Markets

ECB: Governing Council meeting of the ECB in Frankfurt (9am CET); Publication of the Consolidated Financial Statement of the Eurosystem (9am CET)

Today's Economic Events

UK 09:30: MAY PPI - Input (MoM): NA
UK 09:30: MAY PPI - Output (MoM): NA
UK 09:30: MAY CPI - EU Harmonised (MoM): NA
US 13:30: MAY Consumer Price Index (MoM): 0.2%
GE 10:00: JUN Zew Survey (Econ. Sentiment): NA
GE 10:00: JUN Zew Survey (Current Situation): NA
US 13:30: MAY CPI - Ex Food & Energy (MoM): 0.2%
US 13:30: MAY Housing Starts (Thsd): 1036
US 13:30: MAY Bulding Permits (Thsd): 1070

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