Wednesday, July 9, 2014


Market Comment

US indices dropped on Tuesday pressured by shares in the Telecommunication Services, Retailing and Software & Services sectors. The S&P 500 (1963.71) remains above its 20d moving average (1957.3 - positive slope) and its 50d moving average (1921.6 - positive slope).

European markets are expected to start on a negative note.

Foreign Exchange

The US Dollar fell against most of its major counterparts on Tuesday. On the economic data front, NFIB Small Business Optimism was 95 (97 expected) in June. Consumer Credit was $19.6B ($20B expected) in May.

The Euro was mixed, gaining against the NOK and USD, while falling against the JPY and AUD. In Europe, German trade balance was an excess of E17.8B in May vs an excess of E17.2B in April. Exports decreased by 1.1% while imports fell 3.4%. UK industrial production was down by 0.7% in May after a 0.3% increase the month before. Economists anticipated a 0.3% gain.

The Australian Dollar rose against all of its major counterparts.


After the close of Wall Street, WTI Crude Future (AUG 14) was about flat to $103.4. The contract was above its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was about flat to $1319.8. The precious metal was above its 20D MA (@ $1306) and above its 50D MA (@ $1291).

Copper Future (SEP 14) on Comex was about flat to 325.7c/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 decreased 1300 tons to 158050 tons.

European Markets

ECB: Publication of the Consolidated Financial Statement of the Eurosystem (Quarterly statement) (10am CET); Tommaso Padoa-Schioppa Memorial Lecture held by the President organised by IFRS Foundation in London, United Kingdom. (8:30pm CET)

Today's Economic Events

US 15:30: W26 Crude Oil Inventories (WoW chg): -2750

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