US indices closed up on Thursday, lifted by the Real Estate (+1.07%), Semiconductors & Semiconductor Equipment (+0.99%) and Media (+0.93%) sectors. On the economic data front, Initial Jobless Claims fell to 234K for the week ending December 14th, above the 225K estimate, down from 252K the week before. Continuing Claims rose more than expected to 1.722K for the week ending December 7th, exceeding the 1,676K consensus, up from a revised 1,671K the prior week. Existing Home Sales fell to 5.35 million homes for November, missing the 5.44 million estimate, down from a revised 5.44 million homes the month before.
On Friday, economists expect GDP to remain at 2.1% for the third quarter. Personal income is anticipated to increase 0.3% for November and personal spending is expected to rise 0.4%.
European markets are expected to start on a flat note.
Foreign Exchange
The US dollar was bearish against most of its major pairs on Thursday, with the exception of the GBP. On the economic data front, Initial Jobless Claims fell to 234K for the week ending December 14th, above the 225K estimate, down from 252K the week before. Continuing Claims rose more than expected to 1.722K for the week ending December 7th, exceeding the 1,676K consensus, up from a revised 1,671K the prior week. Existing Home Sales fell to 5.35 million homes for November, missing the 5.44 million estimate, down from a revised 5.44 million homes the month before. On Friday, economists expect GDP to remain at 2.1% for the third quarter. Personal income is anticipated to increase 0.3% for November and personal spending is expected to rise 0.4%.
The Euro was bearish against most of its major pairs with the exception of the CAD, GBP and USD. In Europe, the Bank of England held its Interest Rate unchanged at 0.75%, as expected. France’s INSEE reported December indicators on Business Confidence at 106 (vs 104 expected) and Manufacturing Confidence at 102 (vs 99 expected). The U.K. Office for National Statistics has released November Retail Sales at -0.6% (vs +0.3% on month expected).
The Australian dollar was bullish against all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (JAN 20) was about flat to $61.22. The contract was above its 20D MA (@ $58.69) and above its 50D MA (@ $56.88).
Gold was up $3.8 to $1479.2. The precious metal was above its 20D MA (@ $1468) and above its 50D MA (@ $1478).
Copper Future (MAR 20) on Comex was up 1.1c to 282.35c/lb. The contract was above its 20D MA (@ 272.42c) and above its 50D MA (@ 268.62c). In Europe, the London Metal Exchange reported its copper inventories decreased 3325 tons to 154175 tons.