Wednesday, June 25, 2014


Market Comment

US indices declined on Tuesday pressured by shares in the Energy, Capital Goods and Banks sectors. The S&P 500 (1949.98) remains above its 20d moving average (1940.2 - positive slope) and its 50d moving average (1902.7 - positive slope).

European markets are expected to start on a flat note.

Foreign Exchange

The US Dollar rose against most of its major counterparts on Tuesday. On the economic data front, the FHFA House Price Index was flat MoM (+0.5% expected) for April. The Consumer Confidence Index was 85.2 (83.5 expected) in June. New Home Sales were 504K (439K expected) in the month of May, representing an 18.6% increase MoM (1.4% expected). The Richmond Fed Manufacturing Index was 3 (7 expected) in June.

The Euro gained against most of its major counterparts. In Europe, German IFO Business Climate decreased from 110.4 in May to 109.7 in June.

The Australian Dollar fell against all of its major counterparts.


After the close of Wall Street, WTI Crude Future (AUG 14) was about flat to $106.04. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1318.5. The precious metal was above its 20D MA (@ $1271) and above its 50D MA (@ $1285).

Copper Future (SEP 14) on Comex was about flat to 314c/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 157725 tons.

Today's Economic Events

FR 07:45: JUN Business Confidence Indicator: 99
FR 07:45: JUN Production Outlook Indicator: NA
US 13:30: 1Q GDP (QoQ): -1.8%
US 13:30: 1Q GDP Price (QoQ): 1.3%
US 13:30: 1Q Personal Consumption: 2.5%
US 13:30: MAY Durable Goods Orders: -0.1%
US 13:30: MAY Durable Goods Ex Transportation: 0.3%
US 15:30: W24 Crude Oil Inventories (WoW chg): -1400

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