U.S. indices closed lower to finish the week on Friday, pressured by shares in the Semiconductors & Semiconductor Equipment (-1.83%), Capital Goods (-1.23%) and Energy (-1.05%) sectors. On the economic data front, the Leading Index rose 0.2% MoM in April (as expected, +0.3% a month earlier). Also, the University of Michigan sentiment index rose to 102.4 in a preliminary estimate in May (forecasted 97.2) from 97.2 in April. The S&P 500 (2,859.53) stays below its 20d moving average (2,899.55 – negative slope) and breaks below 50d moving average (2,868.50 – 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 Friday with the exception of the CAD. On the economic data front, the Leading Index improved by 0.2% in April, as expected, from 0.3% a month earlier. Also, the University of Michigan sentiment index rose to 102.4 in a preliminary estimate in May (forecasted 97.2) vs. 97.2 in April.
The Euro was bullish against its major pairs except for the CAD and the USD. The EU27 new car registrations declined by 0.4% in April after a 3.9% decline in March. Separately, the euro zone CPI rose by 1.7% in April YoY, as anticipated, after a 1.4% rise a month earlier.
The Australian dollar was lower against all of its major pairs except for the GBP.
Commodities
After the close of Wall Street, WTI Crude Future (JUN 19) was about flat to $62.74. The contract was below its 20D MA (@ $63.03) and above its 50D MA (@ $61.92).
Gold was down $8.9 to $1277.8. The precious metal was below its 20D MA (@ $1283) and below its 50D MA (@ $1291).
Copper Future (JUL 19) on Comex was down 1.4c to 273.35c/lb. The contract was below its 20D MA (@ 281.45c) and below its 50D MA (@ 287.61c). In Europe, the London Metal Exchange reported its copper inventories decreased 1175 tons to 190550 tons.