Tuesday, June 24, 2014

EVENTS & FINANCIAL NEWS 24-06-2014

Market Comment

US indices were mixed on Monday. Shares in the Banks, Software & Services and Automobiles & Components sectors traded higher while shares in the Capital Goods, Food, Beverage & Tobacco and Household & Personal Products sectors were under pressure. The S&P 500 (1962.61) remains above its 20d moving average (1938.3 - positive slope) and its 50d moving average (1900 - positive slope).

European markets are expected to start on a positive note.

Foreign Exchange

The US Dollar was under pressure against most of its major counterparts on Monday. On the economic data front, US Manufacturing PMI was 57.5 (56 expected) for the month of June. Existing Home Sales were $4.89M ($4.74M expected) for the month of May, representing a 4.9% increase MoM.

The Euro fell against most of its major counterparts. In the Eurozone, the preliminary manufacturing purchasing managers’ index declined to a seasonally adjusted 51.9 this month, down from a final reading of 52.2 in May.

The Australian Dollar gained against most of its major counterparts.

Commodities

After the close of Wall Street, WTI Crude Future (AUG 14) was down $0.8 to $106.02. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35). The 14d RSI above 70 (74.86) indicates WTI Crude Future (AUG 14) was overbought.

Gold was up $2.7 to $1317.5. The precious metal was above its 20D MA (@ $1268) and above its 50D MA (@ $1284).

Copper Future (SEP 14) on Comex was up 2.7c to 313.95c/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 850 tons to 158575 tons.

European Markets

ECB: Public Hearing on the draft ECB Regulation on fees in Frankfurt, Germany. (10am CET); Publication of the Consolidated Financial Statement of the Eurosystem (3pm CET)

Conference: Continuous Delivery Summit - Berlin; Genotoxic Impurities

Today's Economic Events

GE : MAY Import Prices (MoM): NA
GE 09:00: JUN IFO - Business Climate: 110.1
GE 09:00: JUN IFO - Current Assessment: NA
GE 09:00: JUN IFO - Expectations: NA
US 15:00: MAY New Home Sales (Thsd): 440
US 15:00: JUN Consumer Confidence: 83.5

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