U.S. indices closed lower on Tuesday, pressured by shares in the Food, Beverage & Tobacco (-2.36%), Household & Personal Products (-1.7%) and Utilities (-1.61%) sectors. On the economic data front, the FHFA house price index increased 0.1% MoM in March (estimated +0.2%). Also, the Conference Board consumer confidence index rose to 134.1 in May (forecasted 130.0) from 129.2 a month earlier. In other news, the Dallas Federal Manufacturing Activity Outlook Index fell to -5.3 in May (expected 6.2) from 2.0 in April. The S&P 500 (2,802.39) stays below both its 20d moving average (2,871.27 – negative slope) and 50d moving average (2,873.53 – flat slope).
European markets are expected to start on a negative note.
Foreign Exchange
The US dollar was bullish against all of its major pairs on Tuesday with the exception of the AUD. On the economic data front, the FHFA house price index improved by 0.1% in March (estimated 0.2%) from 0.4% in February. Also, the Conference Board consumer confidence index increased to 134.1 in May (forecasted 130) compared to 129.2 a month earlier. In other news, the Dallas federal manufacturing activity outlook fell to -5.3 in May (expected 6.2) vs. 2 in April.
The Euro was bearish against most of its major pairs with the exception of the CAD and the CHF. The euro zone consumer confidence index was -6.5 in May in final estimation, as in first one, vs -7.9 the month before. The German GfK consumer confidence index fell to 10.1 for June (10.4 anticipated) vs 10.2 in May (revised from 10.4).
The Australian dollar was higher against all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (JUL 19) was about flat to $58.87. The contract was below its 20D MA (@ $61.79) and below its 50D MA (@ $62.29).
Gold was down $9.3 to $1279.7. The precious metal was below its 20D MA (@ $1283) and below its 50D MA (@ $1288).
Copper Future (JUL 19) on Comex was about flat to 269.65c/lb. The contract was below its 20D MA (@ 275.54c) and below its 50D MA (@ 285.03c). In Europe, the London Metal Exchange reported its copper inventories decreased 250 tons to 185575 tons.