Tuesday, July 8, 2014


Market Comment

US indices dropped on Monday pressured by shares in the Transportation, Materials and Media sectors. The S&P 500 (1977.65) remains above its 20d moving average (1956.6 - positive slope) and its 50d moving average (1919.6 - positive slope).

European markets are expected to start on a negative note.

Foreign Exchange

The US Dollar was mixed on Monday, falling against the Euro and JPY, while rising against the GBP and CAD. On the economic data front, no major data was released.

The Euro was mixed, gaining against the GBP and USD, while falling against the JPY. In Europe, Euro zone Sentix investor confidence index was up in July at 10.1 vs 8.5 the month before and 7.8 expected. German industrial production fell by 1.8% in May after a 0.3% decline in April (revised from +0.2%). Economists anticipated the production to be flat.

The Australian Dollar was mixed, under pressure against the JPY and NZD, while rising against the USD and GBP.


After the close of Wall Street, WTI Crude Future (AUG 14) was about flat to $103.53. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1320.1. The precious metal was above its 20D MA (@ $1306) and above its 50D MA (@ $1290).

Copper Future (SEP 14) on Comex was down 1.8c to 326.1c/lb. The contract was above its 20D MA (@ 307.41c) and above its 50D MA (@ 303.17c). The 14d RSI above 70 (70.07) indicates Copper Future (SEP 14) contract was overbought. In Europe, the London Metal Exchange reported its copper inventories increased 2850 tons to 159350 tons.

UK Market News

UK's Recruitment and Employment Confederation (REC) and KPMG issued a report on UK labour markets. Key points include: "Permanent and temporary staff availability both tumble; Demand for staff and placements both continue to rise sharply; Series record increase in average starting salaries recorded."

European Markets

ECB: Participation by Mr. Const├óncio in ECOFIN meeting in Brussels, Belgium.

Conference: International Conference Aircraft Cabling

Today's Economic Events

UK 09:30: MAY Industrial Production (MoM): NA
FR 07:45: MAY Trade Balance (Mln): NA
GE 07:00: MAY Current Account (Bln): NA
GE 07:00: MAY Trade Balance (Bln): NA
GE 07:00: MAY Imports (MoM): NA
GE 07:00: MAY Exports (MoM): NA
FR 07:45: MAY Central Govt. Balance (Bln): NA
UK 09:30: MAY Manufacturing Production (MoM): NA
UK 15:00: JUN GDP Estimate (NIESR): NA
US 20:00: MAY Consumer Credit (Bln): 18.1

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