U.S. indices closed mixed to finish the week on Friday. Shares in the Technology Hardware & Equipment (-1.02%), Pharmaceuticals, Biotechnology & Life Sciences (-0.18%) and Retailing (-0.08%) sectors closed lower while shares in the Utilities (+1.74%), Food & Staples Retailing (+1.56%) and Insurance (+1.35%) sectors ended positively. On the economic data front, CPI rose 2.0% YoY in April (estimated +2.1%, +1.9% in March) and core CPI grew 2.1% (as expected, +2.0% in March). In other news, monthly budget posted $160.3B in April (expected $160.5B). The S&P 500 (2,881.40) stays below its 20d moving average (2,914.21 – flat slope) but remains above 50d moving average (2,861.97 – positive slope).
European markets are expected to start on a flat note.<\/p>\n\n\n\n
Foreign Exchange<\/strong><\/p>\n\n\n\n The US dollar was bearish against all of its major pairs on Friday with the exception of the GPB and the JPY. On the economic data front, CPI improved by 0.3% MoM in April (estimated 0.4%) from 0.4% in the prior month while CPI increased by 2% YoY to April (forecasted 2.1%) compared to 1.9% in the same period last year. In other news, the monthly budget reached $160.3B in April (expected $160.5B) from $214.3B in March.
The Euro was bullish against all of its major pairs with the exception of the CAD and the CHF. The German trade balance excess increased to E22.7B in March (E20B anticipated) from 18B in February. Exports rose 1.5% while imports were up 0.4%. The UK GDP growth was 0.5% in 1Q, as anticipated, after a 0.2% increase in the previous quarter. Separately, UK industrial production rose 0.7% in March (+0.1% expected) after a 0.6% increase a month earlier.
The Australian dollar was higher against all of its major pairs except for the CAD and the CHF.
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