General Market Comment
US indices closed higher on Tuesday as the US government reached a tentative deal on border security funding. Shares in the Materials (+2.25%), Semiconductors & Semiconductor Equipment (+2.22%) and Retailing (+2.13%) sectors traded higher. On the economic data front, the NFIB business optimism index declined to 101.2 in January (estimated 103) from 104.4 in December. The S&P 500 (2,744.73) stays above its 20d moving average (2,677.50 – positive slope) and 50d moving average (2,616.02 – positive slope).
European markets are expected to start on a positive note.
Foreign Exchange
The US dollar was bearish against most of its major pairs on Tuesday except for the CHF and the JPY. On the economic data front, the NFIB business optimism index declined to 101.2 in January (estimated 103) from 104.4 in December.
The Euro was bullish against all of its major pairs. There was no major economic news in Europe yesterday.
The Australian dollar was higher against all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (MAR 19) was up $0.7 to $53.09. The contract was below its 20D MA (@ $53.28) and above its 50D MA (@ $51.11).
Gold was up $2.7 to $1310.9. The precious metal was above its 20D MA (@ $1302) and above its 50D MA (@ $1281).
Copper Future (MAR 19) on Comex was down 1.6c to 277.35c/lb. The contract was above its 20D MA (@ 273.87c) and above its 50D MA (@ 271.53c). In Europe, the London Metal Exchange reported its copper inventories decreased 300 tons to 148250 tons.