US indices closed higher on Thursday, helped by shares in the Energy (+2.89%), Software & Services (+2.5%), and Media (+2.48%) sectors. On the economic data front, Initial Jobless Claims reached 209K in week ending August 3 (estimated 215K) vs. 217K in the prior week. Wholesale Inventories were flat in June (estimated 0.2%) vs +0.2% in the prior month. The S&P 500 (2,938.09) trades below its 20d moving average (2,973.83 – negative slope) but breaks above its 50d moving average (2,933.86 – 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 Thursday with the exception of the EUR. On the economic data front, Initial Jobless Claims reached 209K in week ending August 3 (estimated 215K) vs. 217K in the prior week. Wholesale Inventories were flat in June (estimated 0.2%) vs +0.2% in the prior month.
The Euro was bearish against all of its major pairs. In Europe, the Bank Of France forecast a 0.3% French GDP growth for 3Q vs +0.2% in 2Q.
The Australian dollar was bullish against all its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (SEP 19) was up $1.8 to $52.89. The contract was below its 20D MA (@ $56.12) and below its 50D MA (@ $55.98).
Gold was about flat to $1501.4. The precious metal was above its 20D MA (@ $1437) and above its 50D MA (@ $1399). The 14d RSI above 70 (72.46) indicates gold was overbought.
Copper Future (SEP 19) on Comex was up 2.6c to 259.75c/lb. The contract was below its 20D MA (@ 266.88c) and below its 50D MA (@ 267.13c). In Europe, the London Metal Exchange reported its copper inventories decreased 1425 tons to 274525 tons.