US indices closed mixed on Tuesday with the Nasdaq closing in the green lifted by shares in the Pharmaceuticals, Biotechnology & Life Sciences (+0.69%), Software & Services (+0.66%) and Health Care Equipment & Services (+0.62%) sectors. Shares in the Telecommunication Services (-2.11%), Energy (-1.47%) and Retailing (-1.24%) sectors were under pressure.
U.S. official data showed that housing starts increased to 1.314 million units in October (1.320 million units expected, 1.266 million units in September). Building permits rose to 1.461 million units (1.385 million units expected, 1.391 million units in September), the highest level since mid-2007.
Later today, minutes of the Federal Reserve’s latest monetary policy meeting will be released.
European markets are expected to open on a negative note.
Foreign Exchange
The US dollar was bearish against most of its major pairs on Tuesday, with the exception of the CAD, CHF and GBP. On the economic data front, Housing Starts increased to 1,314K, just below the 1,320K estimate for October, up 48K from a revised 1,266K in September. Building Permits rose to 1,461K, exceeding the 1,385K estimate for October, up 70K from a revised 1,391K in September, marking the highest number since mid-2007. On Wednesday, economists expect Mortgage Application data for the week ending November 15th and the Federal Open Market Committee Meeting Minutes.
The Euro was bullish against most of its major pairs with the exception of the NZD, AUD and JPY. In the U.K., the Confederation of British Industry released Manufacturing Orders Index for November bouncing from a 9-year low at -37 in October to -26 (-30 expected).
The Australian dollar was bullish against most of its major pairs with the exception of the NZD.
Commodities
After the close of Wall Street, WTI Crude Future (DEC 19) was down $1.9 to $55.19. The contract was below its 20D MA (@ $56.38) and below its 50D MA (@ $55.55).
Gold was about flat to $1472.7. The precious metal was below its 20D MA (@ $1484) and below its 50D MA (@ $1492).
Copper Future (MAR 20) on Comex was up 3.5c to 266.85c/lb. The contract was below its 20D MA (@ 267.48c) and above its 50D MA (@ 263.94c). In Europe, the London Metal Exchange reported its copper inventories decreased 1975 tons to 217500 tons.