Monday, June 23, 2014


Market Comment

US indices rose on Friday led by shares in the Pharmaceuticals, Biotechnology & Life Sciences, Energy and Materials sectors. The S&P 500 (1962.87), closed at a historical high, remains above its 20d moving average (1935.2 - positive slope) and its 50d moving average (1897.5 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

The US Dollar was up against all of its major counterparts with the exception of the CAD on Friday. There was no major economic data.

The Euro was mixed, falling against the USD and CAD, while rising against the GPB and JPY. In Europe, German Producer Price Inflation fell to a seasonally adjusted annual rate of -0.2%, from -0.1% in the preceding month.

The Australian Dollar was relatively flat, while falling against the USD and CAD.


After the close of Wall Street, WTI Crude Future (AUG 14) was up $0.8 to $106.83. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was down $5.5 to $1314.9. The precious metal was above its 20D MA (@ $1267) and above its 50D MA (@ $1284).

Copper Future (SEP 14) on Comex was up 3.8c to 311.3c/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 575 tons to 159425 tons.

European Markets

ECB: Publication of the Euro area investment fund statistics (10am CET); Keynote speech by Mr. Mersch at panel "Is the Growth of Competitiveness of the European Economy possible without ensuring Financial Safety?" at the European Financial Congress organised Gdansk Institute for Market Economics in Sopot, Poland. (2pm CET)

Today's Economic Events

US 15:00: MAY Existing Home Sales (Mln): 4.73

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