General Market Comment
US indices pushed higher on Friday lifted by shares in the Semiconductors & Semiconductor Equipment (+2.25%), Telecommunication Services (+1.76%) and Transportation (+1.75%) sectors. On the economic data front, the Chicago PMI increased to 66.4 in November (estimated 58.5) from 58 in October. The S&P 500 (2,760.17) remains above its 20d moving average (2,775.04 – positive slope) but stays below 50d moving average (2,722.37 – negative slope).
European markets are expected to start on a positive note.
Foreign Exchange
The US dollar was bullish against most of its major pairs on Friday with the exception of the NZD. On the economic data front, the Chicago PMI increased to 66.4 in November (estimated 58.5) from 58 in October.
The Euro was bearish against all of its major pairs. The euro zone CPI increased by 2% YoY in November, as expected and down from a 2% rise a month earlier. The German retail sales decreased by 0.3% in October (+0.4% expected), at the same pace than in September. According to Nationwide, the home prices in UK increased by 0.3% in November (+0.1% expected) after being flat the prior month.
The Australian dollar was lower against most of its major pairs except for the EUR.
Commodities
After the close of Wall Street, WTI Crude Future (JAN 19) was down $0.8 to $50.65. The contract was below its 20D MA (@ $56.44) and below its 50D MA (@ $64.96). The 14d RSI below 30 (25.91) indicates WTI Crude Future (JAN 19) was oversold.
Gold was about flat to $1222.2. The precious metal was above its 20D MA (@ $1220) and above its 50D MA (@ $1216).
Copper Future (MAR 19) on Comex was about flat to 279c/lb. The contract was above its 20D MA (@ 276.68c) and above its 50D MA (@ 278.53c). In Europe, the London Metal Exchange reported its copper inventories decreased 75 tons to 136175 tons.