US indices closed higher on Tuesday after China moved to stabilize its currency helped by shares in the Telecommunication Services (+0.63%), Utilities (+1.3%) and Materials (+0.08%) sectors. On the economic data front, there was no economic news to report. The S&P 500 (2,881.77) trades below its 20d moving average (2,982.37 – negative slope) and its 50d moving average (2,929.13 – positive slope).
European markets are expected to start on a flat note.
Foreign Exchange
The US dollar was mixed against all of its major pairs on Tuesday. On the economic data front, there was no economic news to report.
The Euro was bullish against all of its major pairs with the exception of the GBP and AUD. In Europe, German factory orders rose 2.5% in June (+0.5% expected) after a 2% decline a month earlier (revised from -2.2%). Separately, the German construction PMI index fell to 49.5 in July from 50 in June.
The Australian dollar was bullish against all its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (SEP 19) was down $0.9 to $53.8. The contract was below its 20D MA (@ $56.97) and below its 50D MA (@ $56.27).
Gold was up $10.1 to $1473.9. The precious metal was above its 20D MA (@ $1428) and above its 50D MA (@ $1390).
Copper Future (SEP 19) on Comex was up 2.3c to 256.65c/lb. The contract was below its 20D MA (@ 267.99c) and below its 50D MA (@ 267.55c). In Europe, the London Metal Exchange reported its copper inventories decreased 5300 tons to 277975 tons.