Wednesday, July 30, 2014

EVENTS & FINANCIAL NEWS 30-07-2014

Market Comment

US indices closed lower on Tuesday pressured by shares in the Transportation, Capital Goods and Utilities sectors. On the economic data front, the Consumer Confidence Index was 90.9 (85.4 expected) in July. The S&P 500 (1969.95) broke below its 20d moving average (1975.37 - positive slope), but remains above its 50d moving average (1950.01 - positive slope).

European markets are expected to open on a negative note.

Foreign Exchange

The US Dollar rose against all of its major counterparts on Tuesday. On the economic data front, the Consumer Confidence Index was 90.9 (85.4 expected) in July. The Case Shiller Home Price Index was 170.64 (171.25 expected) in May.

The Euro was mixed, gaining against the CHF and NZD, while falling against the USD and HKD. In Europe, German import prices were up by 0.2% in June after being flat in May. Economists expected them to increase 0.3%. In UK, 67.2K mortgages have been approved in June, up from 62K in May.

The Australian Dollar was mixed, under pressure against the USD and HKD, while rising against the CHF and NZD. On the economic data front, HIA New Home Sales rose 1.2% MoM in June (-4.3% prior period).

Commodities

After the close of Wall Street, WTI Crude Future (SEP 14) was down $0.7 to $100.93. The contract was below its 20D MA (@ $101) and above its 50D MA (@ $100.35).

Gold was down $3.8 to $1300.3. The precious metal was below its 20D MA (@ $1313) and above its 50D MA (@ $1295).

Copper Future (SEP 14) on Comex was down 2.3c to 322.1c/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 1425 tons to 149475 tons.

Today's Economic Events

EC 10:00: JUL Euro-zone: Industrial Confidence: -4.3
EC 10:00: JUL Business Climate Indicator: 0.2
EC 10:00: JUL Euro-Zone: Economic Confidence: 101.9
EC 10:00: JUL Euro-Zone: Consumer Confidence: -8.4
GE 13:00: JUN Consumer Price Index (MoM): 0.2%
US 13:30: 1Q GDP (QoQ): 3%
US 13:30: 1Q GDP Price (QoQ): 1.8%
GE 13:00: JUN CPI - EU Harmonised (MoM): 0.2%
US 13:30: 1Q Personal Consumption: 1.9%
US 15:30: W29 Crude Oil Inventories (WoW chg): -1000
US 19:00: Fed: Rates decision: 0.25%

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