9th April Market report
- global fx
- Apr 9, 2015
- 2 min read
Market Comment
US indices rose on Wednesday led by shares in the Retailing, Pharmaceuticals, Biotechnology & Life Sciences and Transportation sectors. The S&P 500 (2081.9) remains above its 20d moving average (2075.3 - flat slope) and its 50d moving average (2074.7 - flat slope). European markets are expected to start on a positive note.
FX Comment
The US Dollar declined against most of its major counterparts on Wednesday. On the economic data front, MBA Mortgage Applications rose 0.4%. The Euro declined against most of its major counterparts. In Europe, euro zone retail sales fell by 0.2% in February, as expected, after increasing 0.9% a month earlier (revised from +1.1%). German factory orders decreased 0.9% in February after a 2.6% drop the month before (revised from -3.9%). Consensus expected +1.5%. The Australian Dollar gained against most of its major counterparts.
Commodities Comment
After the close of Wall Street, WTI Crude Future (MAY 15) was down $3.1 to $50.92. The contract was above its 20D MA (@ $48.67) and above its 50D MA (@ $50.57). The US Department of Energy reported that, for the week ended 26 November, crude oil inventories increased 10949k barrels compared to the previous week. Gold was down $6.5 to $1202.7. The precious metal was above its 20D MA (@ $1186) and below its 50D MA (@ $1205). Copper Future (MAY 15) on Comex was down 2.9c to 273.35c/lb. The contract was above its 20D MA (@ 272.01c) and above its 50D MA (@ 264.44c). In Europe, the London Metal Exchange reported its copper inventories decreased 2425 tons to 328575 tons.
Calendar
GE 07:00: FEB Current Account (Bln): 17.5 GE 07:00: FEB Trade Balance (Bln): 19 GE 07:00: FEB Imports (MoM): 1.2% GE 07:00: FEB Exports (MoM): 1% UK 09:30: FEB Trade Balance Non EU (Mln GBP): NA UK 09:30: FEB Trade Balance in Goods (Mln GBP): -9000 GE 07:00: FEB Industrial Production (MoM): 0.1% UK 12:00: BoE: Rates decision: 0.5% US 13:30: W13 Initial Jobless Claims (Thsd): 283 US 15:00: FEB Wholesale Inventories: 0.2%
