U.S. indices closed lower on Monday pressured by shares in the Technology Hardware & Equipment (-1.71%), Pharmaceuticals, Biotechnology & Life Sciences (-1.08%) and Materials (-1.06%) sectors. On the economic front, consumer credit increased $17.09B in May (vs. +$17.00B expected). The S&P 500 (2,975.95) stays above its 20d moving average (2,930.61 – positive slope) and its 50d moving average (2,886.70 – positive slope).
European markets are expected to start on a negative note.
Foreign Exchange
The US dollar was bullish against all its major pairs on Monday. There was no economic news to report.
The Euro was bullish against all of its major pairs with the exception of the NZD and GBP. In Europe, the euro-zone Sentix investor confidence index slid to -5.8 for July (0.1 expected) from -3.3 in June. Germany industrial production rose by 0.3% in May (+0.4% anticipated) after a 2% decline a month earlier (revised from -1.9%).
The Australian dollar was bearish against all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (AUG 19) was about flat to $57.48. The contract was above its 20D MA (@ $55.96) and below its 50D MA (@ $58.37).
Gold was down $6 to $1393.3. The precious metal was above its 20D MA (@ $1384) and above its 50D MA (@ $1330).
Copper Future (SEP 19) on Comex was about flat to 265.7c/lb. The contract was below its 20D MA (@ 268.31c) and below its 50D MA (@ 271.7c). In Europe, the London Metal Exchange reported its copper inventories decreased 4675 tons to 298300 tons.