U.S. indices closed mixed on Thursday. Shares in the Financial (+0.92%), Real Estate (+0.73%) and Health Care (+0.62%) sectors climbed higher while shares in the Energy sector traded lower. On the economic data front, the final readings of U.S. 1Q GDP growth was confirmed at an annualized rate of 3.1% QoQ (vs +3.2% expected, +3.1% in the second estimate). Also, initial jobless claims for the week ended June 22 rose to 227K (vs 220K expected) from 217K in the prior week and continuing claims for the week ended June 15 increased to 1.688M (vs 1.665M expected) from 1.666M in the previous week. Meanwhile, pending home sales grew 1.1% MoM in May (vs +1.0% expected). The S&P 500 (2,924.92) stays above its 20d moving average (2,880.68 – positive slope) and its 50d moving average (2,879.89 – flat slope).
European markets are expected to starton a flat note.
Foreign Exchange
The US dollar was bearish against all its major pairs on Thursday except the GBP. On the economic data front, Initial Jobless Claims increased to 227K in week ending June 22 (estimated 220K) compared with 217K in the previous week. GDP grew by an annualized rate of 3.1% QoQ in the 1Q (estimated 3.2%) compared with 3.1% in the previous quarter. The GDP Price Index improved by 0.9% in 1Q (estimated 0.8%) compared with 0.8% in the prior quarter. Finally, Personal Consumption increased by 0.9% in 1Q (estimated 1.3%) vs. 1.3% in the previous quarter.
The Euro was bearish against all of its major pairs with the exception of the GBP. In Europe, the euro zone economic confidence index fell to 103.3 in June, the lowest since 2016, vs 104.8 expected and 105.2 in May. The German CPI index was up 1.6% in June YoY in first estimation vs 1.4% a month earlier. It was anticipated to be 1.4%.
The Australian dollar was bullish against all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (AUG 19) was about flat to $59.28. The contract was above its 20D MA (@ $54.61) and above its 50D MA (@ $59.26).
Gold was about flat to $1410.2. The precious metal was above its 20D MA (@ $1362) and above its 50D MA (@ $1314). The 14d RSI above 70 (73.6) indicates gold was overbought.
Copper Future (SEP 19) on Comex was about flat to 272.15c/lb. The contract was above its 20D MA (@ 267.32c) and below its 50D MA (@ 274.67c). In Europe, the London Metal Exchange reported its copper inventories decreased 525 tons to 241175 tons.