U.S. indices closed mixed on Wednesday. Shares in the Telecommunication Services (-2.1%), Energy (-1.85%) and Commercial & Professional Services (-0.65%) sectors closed on a negative note while shares in the Consumer Durables & Apparel (+0.82%), Real Estate (+0.77%) and Food & Staples Retailing (+0.58%) sectors gained a bit of strength. The S&P 500 (2,927.25) stays above both its 20d moving average (2,884.00 – positive slope) and 50d moving average (2,828.53 – positive slope).
European markets are expected to open on a flat note.
Foreign Exchange
The US dollar was bullish against all of its major pairs on Wednesday. On the economic data front, MBA mortgage applications declined by 7.3% in week ended April 19th from a decrease of 3.5% in the prior week.
The Euro was bearish against all of its major pairs except for the AUD and the NZD. The Germany IFO business climate index fell to 99.2 in April (99.9 expected) from 99.7 a month earlier. The sub-index for expectations slid to 95.2 (96.1 anticipated) from 95.6 in March.
The Australian dollar was lower against all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (JUN 19) was down $0.6 to $65.74. The contract was above its 20D MA (@ $63.27) and above its 50D MA (@ $60.06). The US Department of Energy reported that, for the week ended 19 April, crude oil inventories increased 5479k barrels compared to the previous week.
Gold was up $3.2 to $1275.6. The precious metal was below its 20D MA (@ $1287) and below its 50D MA (@ $1301).
Copper Future (JUL 19) on Comex was up 1.6c to 291.55c/lb. The contract was below its 20D MA (@ 292.38c) and above its 50D MA (@ 291.04c). In Europe, the London Metal Exchange reported its copper inventories decreased 2175 tons to 186125 tons.