U.S. indices closed higher on Monday as the S&P500 reached another record high. Shares in the Banks (+1.32%), Media (+0.92%) and Diversified Financials (+0.64%) sectors gained strength. On the economic data front, personal income increased 0.1% MoM in March (estimated +0.4%) and personal spending rose 0.9% (forecasted +0.7%). In other news, the Dallas Federal manufacturing activity index fell to 2 in April (expected 10) from 6.9 in March. The S&P 500 (2,943.03) stays above both its 20d moving average (2,901.70 – positive slope) and 50d moving average (2,839.84 – positive slope).
European markets are expected to star on a flat note.
Foreign Exchange
The US dollar was bearish against all of its major pairs on Monday with the exception of the CHF and the JPY. On the economic data front, personal income improved by 0.1% in March (estimated 0.4%) from 0.2% in February while personal spending increased by 0.9% in March (forecasted 0.7%) compared to 0.1% in the prior month. In other news, the Dallas federal manufacturing activity index decreased to 2 in April (expected 10) vs. 6.9 in March.
The Euro was bullish against all of its major pairs. The euro-zone consumer confidence index was confirmed at -7.9 in April in final estimation, as in first one, vs -7.2 the month before. The economic confidence index fell to 104 (105 expected), its lowest level in more than two years, from 105.6 in March.
The Australian dollar was bullish against all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (JUN 19) was about flat to $63.61. The contract was below its 20D MA (@ $63.92) and above its 50D MA (@ $60.59).
Gold was down $6.3 to $1280. The precious metal was below its 20D MA (@ $1286) and below its 50D MA (@ $1299).
Copper Future (JUL 19) on Comex was about flat to 289.9c/lb. The contract was below its 20D MA (@ 292.23c) and below its 50D MA (@ 291.67c). In Europe, the London Metal Exchange reported its copper inventories increased 36325 tons to 232225 tons.