Thursday, June 26, 2014


Market Comment

US indices gained on Wednesday helped by shares in the Media, Pharmaceuticals, Biotechnology & Life Sciences and Consumer Durables & Apparel sectors. The S&P 500 (1959.53) remains above its 20d moving average (1942.7 - positive slope) and its 50d moving average (1905.32 - positive slope).

European markets are expected to open on a positive note.

Foreign Exchange

The US Dollar was mixed on Wednesday, rising against the GBP while falling against the JPY. On the economic data front, annualized GDP was -2.9% (-1.8% expected) QoQ for Q1. The GDP Price Index and Core PCE were 1.3% and 1.2% respectively for Q1.MBA mortgage applications were -1% for the week ending June 20th. Personal Consumption was 1% (2.4% expected) for Q1. Durable goods orders were -1% (flat expected) in May. The US Services PMI was 61.2 (58 expected) in June.

The Euro was mixed, rising against the USD while falling against the AUD. In Europe, the GfK consumer confidence index rose to 8.9 in July from a revised 8.6 points in June.

The Australian Dollar rose against most of its major counterparts.


After the close of Wall Street, WTI Crude Future (AUG 14) was up $0.6 to $106.6. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35). The US Department of Energy reported that, for the week ended 20 June, crude oil inventories increased 1742k barrels compared to the previous week.

Gold was about flat to $1319.8. The precious metal was above its 20D MA (@ $1274) and above its 50D MA (@ $1285).

Copper Future (SEP 14) on Comex was up 1.9c to 316.4c/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 900 tons to 156825 tons.

Today's Economic Events

US 13:30: MAY Personal Income: 0.4%
US 13:30: W24 Initial Jobless Claims (Thsd): 310
US 13:30: MAY Personal Spending: 0.4%

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