U.S. indices closed higher on Friday with the S&P500 and the Nasdaq 100 reaching fresh historical high. Stocks from Media (+3.72%), Consumer Services (+2.58%) and Household & Personal Products (+1.69%) sectors were leading the trend. On the economic data front, GDP grew at an annualized rated of 2.1% QoQ in Q2 (estimated +1.8%, +3.1% in 1Q) vs. 3.1% in the prior quarter, where personal consumption rose 4.3% (estimated +4.0%, +1.1% in 1Q). The S&P 500 (3,025.86) stays above its 20d moving average (2,920.09 – positive slope) and its 50d moving average (2,915.49 – 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 Friday. On the economic data front, GDP grew by an annualized rated of 2.1% in Q2 (estimated 1.8%) vs. 3.1% in the prior quarter. Personal Consumption increased by 4.3% in Q2 (estimated 4%) vs. 1.1% in the previous quarter.
The Euro was under pressure against most of its major pairs while EUR/USD was challenging 2019 bottom area at 1.11. In Europe, Germany import price index fell by 1.4% in June (-0.7% expected) after a 0.1% decline a month earlier. French consumer confidence was up to 102 in July, as anticipated, from 101 in June.
The Australian dollar was bearish against all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (SEP 19) was about flat to $56.2. The contract was below its 20D MA (@ $57.62) and below its 50D MA (@ $57.06).
Gold was up $3.4 to $1418. The precious metal was above its 20D MA (@ $1414) and above its 50D MA (@ $1367).
Copper Future (SEP 19) on Comex was down 1.4c to 268.95c/lb. The contract was below its 20D MA (@ 269.43c) and above its 50D MA (@ 268.76c). In Europe, the London Metal Exchange reported its copper inventories decreased 1350 tons to 294125 tons.