U.S. indices closed slightly positive to kick off earnings season in Monday’s trading lifted by shares in the Consumer Services (+0.67%), Semiconductors & Semiconductor Equipment (+0.65%) and Technology Hardware & Equipment (+0.62%) sectors. On the economic data front, the Empire Manufacturing Index rose to 4.3 in July (estimated 2.0) compared with a decline of 8.6 in the prior month when it reached lows not seen since late 2016. The S&P 500 (3,014.30) stays above its 20d moving average (2,959.10 – positive slope) and its 50d moving average (2,893.32 – positive slope).
European markets are expected to start on a flat note.
Foreign Exchange
The US dollar was bullish against all its major pairs on Monday with the exception of the NZD and AUD. On the economic data front, the Empire Manufacturing index rose to 4.3 in July (estimated 2) compared with a decline of 8.6 in the prior month when it reached lows not seen since late 2016.
The Euro was mixed against all of its major pairs. In the UK, housing prices have fallen by 0.2% in July, according to Rightmove’s House Price Index, vs +0.3% in June.
The Australian dollar was bullish against all of its major pairs with the exception of the NZD.
Commodities
After the close of Wall Street, WTI Crude Future (AUG 19) was down $0.9 to $59.32. The contract was above its 20D MA (@ $57.68) and above its 50D MA (@ $58.01).
Gold was about flat to $1416.3. The precious metal was above its 20D MA (@ $1403) and above its 50D MA (@ $1343).
Copper Future (SEP 19) on Comex was up 2.1c to 271.45c/lb. The contract was above its 20D MA (@ 269.01c) and above its 50D MA (@ 269.9c). In Europe, the London Metal Exchange reported its copper inventories decreased 2375 tons to 285825 tons.