General Market Comment
US indices closed higher to finish the week on Friday, lifted by shares in the Software & Services (+1.34%), Technology Hardware & Equipment (+1.24%) and Semiconductors & Semiconductor Equipment (+1.22%) sectors. The S&P 500 (2,792.67) stays above its 20d moving average (2,725.47 – positive slope) and 50d moving average (2,625.05 – positive slope).
European markets are expected to start on a flat note.
Foreign Exchange
The US dollar was bearish against all of its major pairs on Friday. On the economic data front, there was no news to report.
The Euro was bearish against all of its major pairs. The euro-zone CPI growth was 1.4% in January in final estimation, as in first one, its lowest rise since April 18, vs +1.6% in December. The German GDP was confirmed at 0% in 4Q in final estimation vs -0.2% in the previous quarter. Separately, the German IFO business sentiment index slid to 98.5 in February (98.9 expected), its lowest level since December 2014, from 99.3 in January.
The Australian dollar was higher against most of its major pairs with the exception of the NZD and the CAD.
Commodities
After the close of Wall Street, WTI Crude Future (APR 19) was about flat to $57.19. The contract was above its 20D MA (@ $54.62) and above its 50D MA (@ $51.88).
Gold was up $4.6 to $1328.3. The precious metal was above its 20D MA (@ $1317) and above its 50D MA (@ $1294).
Copper Future (MAY 19) on Comex was up 4.8c to 294.65c/lb. The contract was above its 20D MA (@ 281.07c) and above its 50D MA (@ 273.34c). The 14d RSI above 70 (70.33) indicates Copper Future (MAY 19) contract was overbought. In Europe, the London Metal Exchange reported its copper inventories decreased 3875 tons to 133825 tons.