Market Report

Market Comment

US indices rose on Monday led by shares in the Energy, Utilities and Capital Goods sectors. The S&P 500 (2080.62) remains below its 20d moving average (2073.55 - negative slope) and its 50d moving average (2073.7 - flat slope). European markets are expected to start on a positive note.

FX Comment

The US Dollar rose against most of its major counterparts on Monday. On the economic data front, the Markit US Composite PMI was 59.2 (58.5 prior) while the US Services PMI was 59.2 (58.6 prior). The ISM Non-Manufacturing Composite Index was 56.5 as expected. The Euro was mixed, falling against the USD and GBP, while rising against the JPY and CHF. There was no major economic data reported in Europe. The Australian Dollar was mixed, gaining against the JPY and NZD, while declining against the USD and EUR.

Commodities Comment

After the close of Wall Street, WTI Crude Future (MAY 15) was up $2.8 to $51.93. The contract was above its 20D MA (@ $48.5) and above its 50D MA (@ $50.35). Gold was up $12.8 to $1215.7. The precious metal was above its 20D MA (@ $1182) and above its 50D MA (@ $1209). Copper Future (MAY 15) on Comex was down 2.2c to 271.2c/lb. The contract was above its 20D MA (@ 270.97c) and above its 50D MA (@ 263.53c). In Europe, the London Metal Exchange reported its copper inventories increased 1425 tons to 334975 tons.

Calendar

EC 10:00: FEB Euro-Zone: PPI (MoM): 0.1% US 20:00: FEB Consumer Credit (Bln): 13.5 FR 08:50: APR Markit Composite PMI: NA FR 08:50: APR Markit Services PMI: 52.8 EU 09:00: APR Markit Services PMI: 54.3 EU 09:00: APR Markit Composite PMI: 54.1

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