Wednesday, June 18, 2014


Market Comment

US indices rose on Tuesday led by shares in the Banks, Insurance and Diversified Financials sectors. The S&P 500 (1941.99) remains above its 20d moving average (1923.91 - positive slope) and its 50d moving average (1891.3 - positive slope). Watch today Fed's rate decision.

European markets are expected to start on a flat note.

Foreign Exchange

US Dollar was rose against all of its counterparts on Tuesday. On the US economic data front, CPI rose by 0.4% MoM in May (0.2% expected). This represented a 2.1% rise YoY. Housing data for the month of May missed expectations with Housing Starts of 1001K (1030K expected) and building permits of 991K (1050K expected).

The Euro was mixed, falling against the USD and GBP, while rising against the JPY and AUD. In Europe, in UK, consumer price inflation rose at a seasonally adjusted 1.5% last month, slowing from 1.8% in April and compared to expectations for a reading of 1.7%. In Germany, The ZEW sentiment survey showed the indicator for economic expectations fell to 29.8 in June from 33.1 in May, below expectations. In Europe, car sales rose 4.5 percent year-on-year in May, slightly slower than the 4.6 percent rise posted in April. Regarding stocks, Shire said it has hired Citigroup as it may receive takeover offers. Whitbread jumped after sales at its Premier Inn hotels and Costa Coffee chain topped analysts’ estimates.

The Australian Dollar fell against all of its major counterparts.


After the close of Wall Street, WTI Crude Future (JUL 14) was down $0.7 to $106.17. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1270.4. The precious metal was above its 20D MA (@ $1265) and below its 50D MA (@ $1285).

Copper Future (SEP 14) on Comex was up 1.3c to 305.7c/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 1050 tons to 161200 tons.

European Markets

ECB: General Council meeting of the ECB in Frankfurt (9am CET)
Today's Economic Events
US 15:30: W23 Crude Oil Inventories (WoW chg): -750
US 19:00: Fed: Rates decision: 0.25%

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