General Market Comment
US indices closed mixed on Monday. Shares in the Media (-0.86%), Technology Hardware & Equipment (-0.25%) and Pharmaceuticals, Biotechnology & Life Sciences (-0.23%) sectors ended on a negative note while shares in the Transportation (+1.31%), Consumer Durables & Apparel (+1.02%) and Insurance (+0.56%) sectors gained traction. The S&P 500 (2,709.80) stays above its 20d moving average (2,669.35 – positive slope) and 50d moving average (2,616.00 – positive slope). European markets are expected to start on a positive note.
Foreign Exchange
The US dollar was bullish against all of its major pairs on Monday. On the economic data front, there was nothing to report. The Euro was bearish against most of its major pairs with the exception of the GBP and the JPY. The UK GDP growth was 1.3% in 4Q YoY in first estimation in December (+1.4% expected), vs +1.5% a month earlier. Separately, the UK industrial production fell 0.5% in December (+0.1% anticipated) after a 0.3% decline a month ago. The Australian dollar was mixed against its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (MAR 19) was about flat to $52.4. The contract was below its 20D MA (@ $53.16) and above its 50D MA (@ $51.08). Gold was down $6.3 to $1308.2. The precious metal was above its 20D MA (@ $1301) and above its 50D MA (@ $1280). Copper Future (MAR 19) on Comex was down 2.3c to 278.8c/lb. The contract was above its 20D MA (@ 273.17c) and above its 50D MA (@ 271.56c). In Europe, the London Metal Exchange reported its copper inventories decreased 650 tons to 148550 tons.