U.S. indices closed lower on Monday as China is planning to raise tariffs on some U.S. goods starting June 1st, according to Bloomberg. Shares in the Technology Hardware & Equipment (-5.17%), Semiconductors & Semiconductor Equipment (-4.25%) and Automobiles & Components (-3.73%) sectors were under pressure. The S&P 500 (2,811.87) stays below its 20d moving average (2,909.44 – flat slope) and breaks below 50d moving average (2,862.13 – positive slope).
European markets are expected to start on a flat note.
Foreign Exchange
The US dollar was bullish against all of its major pairs on Monday with the exception of the CHF and the JPY. On the economic data front, there was no major news to report.
The Euro was bullish against all of its major pairs with the exception of the JPY and the CHF. No major economic data has been released yesterday.
The Australian dollar was lower against all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (JUN 19) was down $0.8 to $60.84. The contract was below its 20D MA (@ $63.33) and below its 50D MA (@ $61.52).
Gold was up $13.5 to $1299.6. The precious metal was above its 20D MA (@ $1280) and above its 50D MA (@ $1291).
Copper Future (JUL 19) on Comex was down 5.4c to 272c/lb. The contract was below its 20D MA (@ 285.62c) and below its 50D MA (@ 289.11c). In Europe, the London Metal Exchange reported its copper inventories decreased 7725 tons to 203750 tons.