U.S. indices closed higher to finish the week on Friday, boosted by shares in the Banks (+2.4%), Diversified Financials (+1.78%) and Media (+1.52%) sectors. On the economic data front, import price index rose 0.6% MoM in March (estimated +0.4%, +0.1% in February). In other news, the University of Michigan Sentiment index dropped to 96.9 in a preliminary estimate in April (forecasted 98.2) from 98.4 a month earlier. The S&P 500 (2,907.41) stays above both its 20d moving average (2,852.76 – positive slope) and 50d moving average (2,801.28 – positive slope).
European markets are expected to start on a positive note.
Foreign Exchange
The US dollar was bearish against all of its major pairs on Friday with the exception of the JPY. On the economic data front, import price index improved by 0.6% MoM in March (estimated 0.4%) from 1% in the previous month. In other news, the University of Michigan Sentiment index decreased to 96.9 in a preliminary estimate in April (forecasted 98.2) from 98.4 a month earlier.
The Euro was bullish against all of its major pairs with the exception of the NZD and the AUD. The euro-zone industrial production fell by 0.2% in February (-0.5% expected) after a 1.9% rise a month earlier (revised from +1.4%).
The Australian dollar was bullish against all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (MAY 19) was about flat to $63.82. The contract was above its 20D MA (@ $61.39) and above its 50D MA (@ $58.33).
Gold was about flat to $1291. The precious metal was below its 20D MA (@ $1301) and below its 50D MA (@ $1307).
Copper Future (MAY 19) on Comex was up 5.4c to 294.1c/lb. The contract was above its 20D MA (@ 290.43c) and above its 50D MA (@ 288.89c). In Europe, the London Metal Exchange reported its copper inventories decreased 2000 tons to 192425 tons.