Market Comment
US indices rose on Thursday led by shares in the Diversified Financials, Insurance and Retailing sectors. On the economic data front, the change in nonfarm payrolls in June was 288K (vs 215K expected), with the unemployment rate dropping to 6.1% (vs 6.3% expected). The S&P 500 (1985.44), at a historical high, remains above its 20d moving average (1955.23 - positive slope) and its 50d moving average (1917.6 - positive slope). Market is closed for Independence Day.
European markets are expected to start on a positive note.
European markets are expected to start on a positive note.
Foreign Exchange
The US Dollar was up against most of its major counterparts on Thursday, with the exception of the CAD. On the economic data front, the change in nonfarm payrolls was 288K (215K expected) in June. The US Trade Balance was -$44.4B (-$45B expected) for the month of May. The Unemployment Rate dropped to 6.1% (6.3% expected) in June. Initial jobless claims were 315K (313K expected) for the week ending June 28th. US Services PMI was 61 in June. ISM Non-Manufacturing Composite was 56 (56.3 expected) in June.
The Euro was mixed, rising against the JPY and AUD, while falling against the GBP and USD. In Europe, the European Central Bank (ECB) chose to keep interest rates unchanged during its July meeting. ECB president Mario Draghi said eurozone interest rates will stay at 0.15% for an "extended period" of time. Retail sales in the euro zone stagnated in May. The composite purchasing managers index for the euro zone fell to 52.8 from 53.5 in May.
The Australian Dollar fell against all of its major counterparts.
The Euro was mixed, rising against the JPY and AUD, while falling against the GBP and USD. In Europe, the European Central Bank (ECB) chose to keep interest rates unchanged during its July meeting. ECB president Mario Draghi said eurozone interest rates will stay at 0.15% for an "extended period" of time. Retail sales in the euro zone stagnated in May. The composite purchasing managers index for the euro zone fell to 52.8 from 53.5 in May.
The Australian Dollar fell against all of its major counterparts.
Commodities
After the close of Wall Street, WTI Crude Future (AUG 14) was about flat to $104.03. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).
Gold was down $7.2 to $1319.7. The precious metal was above its 20D MA (@ $1299) and above its 50D MA (@ $1289).
Copper Future (SEP 14) on Comex was about flat to 327.5c/lb. The contract was above its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). The 14d RSI above 70 (73.51) indicates Copper Future (SEP 14) contract was overbought. In Europe, the London Metal Exchange reported its copper inventories increased 275 tons to 157050 tons.
Gold was down $7.2 to $1319.7. The precious metal was above its 20D MA (@ $1299) and above its 50D MA (@ $1289).
Copper Future (SEP 14) on Comex was about flat to 327.5c/lb. The contract was above its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). The 14d RSI above 70 (73.51) indicates Copper Future (SEP 14) contract was overbought. In Europe, the London Metal Exchange reported its copper inventories increased 275 tons to 157050 tons.
European Markets
ECB: Publication of the MFI interest rate statistics (10am CET)
BMW will invest $1B in building its first assembly plant in Mexico designed with a production capacity of 150K vehicles per year, according to the Co's global head of production cited by Dow Jones.
Volkswagen is not bidding for US truck maker Paccar, according to a company spokesman cited by Reuters.
BMW will invest $1B in building its first assembly plant in Mexico designed with a production capacity of 150K vehicles per year, according to the Co's global head of production cited by Dow Jones.
Volkswagen is not bidding for US truck maker Paccar, according to a company spokesman cited by Reuters.
Today's Economic Events
No major economic report expected
Contact Us:
Direct:04-3841906
Web: www.cfb.ae
Email:info@cfb.ae
For more information please visit our website century financial brokers.
Here are some useful links that you can follow:
You can also follow CFB on facebook (useful advice on posts regularly)
Here is another blog that provides regular news and information and is very useful for Forex Signals
Web: www.cfb.ae
Email:info@cfb.ae
For more information please visit our website century financial brokers.
Here is another blog that provides regular news and information and is very useful for Forex Signals
No comments:
Post a Comment