US indices closed slightly higher in a choppy session on Monday lifted by shares in the Household & Personal Products (+1.05%), Consumer Durables & Apparel (+0.84%) and Real Estate (+0.5%) sectors.
On the economic data front, the National Association of Home Builders (NAHB) Housing Market Index came out at 70, just missing the 71 estimate for November, down 1 from 71 in October.
Later today, economists expect Housing Starts to reach 1320K for October, up 64K from 1256K in September. Also, Building Permits are expected to decline to 1383K for October, compared to a revised 1391K in September.
European markets are expected to open on a positive note.
Foreign Exchange
The US dollar was flat to bearish against all of its major pairs on Monday. On the economic data front, the National Association of Home Builders (NAHB) Housing Market Index came out at 70, just missing the 71 estimate for November, down 1 from 71 in October. On Tuesday, economists expect Housing Starts to reach 1320K for October, up 64K from 1256K in September. Also, Building Permits are expected to decline to 1383K for October, compared to a revised 1391K in September.
The Euro was bullish against most of its major pairs with the exception of the GBP. In Europe, U.K. Prime Minister Boris Johnson said: “we will lower taxes for small to medium size businesses, but we will postpone further corporation tax cuts so that we can help fund our NHS”. Also, U.K. House Prices dropped 1.3% on month in November (+0.6% in October), according to home-listing website Rightmove.
The Australian dollar was bearish against all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (DEC 19) was down $0.8 to $56.89. The contract was above its 20D MA (@ $56.34) and above its 50D MA (@ $55.59).
Gold was up $2.8 to $1471.1. The precious metal was below its 20D MA (@ $1484) and below its 50D MA (@ $1492).
Copper Future (MAR 20) on Comex was down 1.7c to 263.4c/lb. The contract was below its 20D MA (@ 267.35c) and below its 50D MA (@ 263.88c). In Europe, the London Metal Exchange reported its copper inventories decreased 3325 tons to 218125 tons.