General Market Comment
US indices closed higher on Friday as President Trump signed a deal with Congress to temporarily reopen the U.S. government until February 15th. Shares in the Technology Hardware & Equipment (+2.69%), Materials (+1.92%) and Automobiles & Components (+1.87%) sectors rallied. On the economic data front, there was nothing to report. The S&P 500 (2,664.76) stays above its 20d moving average (2,578.38 – positive slope) and 50d moving average (2,613.88 – negative slope).
European markets are expected to start on a negative note.
Foreign Exchange
The US dollar was bearish against all of its major pairs on Friday. On the economic data front, there was nothing to report.
The Euro was mixed against its major pairs. The German IFO business climate index declined to 99.1 in January (100.7 expected), its fifth straight monthly decline, from 101 a month earlier.
The Australian dollar was higher against all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (MAR 19) was about flat to $53.59. The contract was above its 20D MA (@ $50.49) and above its 50D MA (@ $51.28).
Gold was up $21.7 to $1302.9. The precious metal was above its 20D MA (@ $1287) and above its 50D MA (@ $1260).
Copper Future (MAR 19) on Comex was up 8.8c to 273.25c/lb. The contract was above its 20D MA (@ 265.51c) and above its 50D MA (@ 271.34c). In Europe, the London Metal Exchange reported its copper inventories increased 600 tons to 146275 tons