General Market Comment
US indices closed higher on Thursday, boosted by shares in the Capital Goods (+1.66%), Real Estate (+1.55%) and Utilities (+1.41%) sectors. On the economic data front, initial jobless claims reached 216k in week ended January 5th (estimated 226k) from 233k in the previous week. Continuing claims decreased to 1.722M in week ended December 29th (forecasted 1.74M) compared to 1.75M a week earlier. In other news, the Bloomberg consumer comfort index declined to 58.5 in week ended January 6th vs. 59.6 in the prior week. The S&P 500 (2,596.64) stays above its 20d moving average (2,524.02 – negative slope) but remains below 50d moving average (2,635.96 – negative slope).
European markets are expected to start on a flat note.
Foreign Exchange
The US dollar was bullish against most of its major pairs on Thursday with the exception of the AUD. On the economic data front, initial jobless claims reached 216k in week ended January 5th (estimated 226k) from 233k in the previous week. Continuing claims decreased to 1.722M in week ended December 29th (forecasted 1.74M) compared to 1.75M a week earlier. In other news, the Bloomberg consumer comfort index declined to 58.5 in week ended January 6th vs. 59.6 in the prior week.
The Euro was bearish against most of its major pairs except for the CHF. The french industrial production fell by 1.3% in November (stability expected) after a 1.3% rise a month before.
The Australian dollar was higher against all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (FEB 19) was about flat to $52.47. The contract was above its 20D MA (@ $48.05) and below its 50D MA (@ $53.13).
Gold was down $7.1 to $1286.5. The precious metal was above its 20D MA (@ $1272) and above its 50D MA (@ $1245).
Copper Future (MAR 19) on Comex was down 2.1c to 263.6c/lb. The contract was below its 20D MA (@ 267.86c) and below its 50D MA (@ 272.68c). In Europe, the London Metal Exchange reported its copper inventories increased 925 tons to 133600 tons.