Prices are lower ahead of a series of political and economic events due on Thursday, including former U.S. Federal Bureau of Investigation Director James Comey's public testimony, the U.K. parliamentary election and the European Central Bank’s policy meeting.
In addition, traders are also closely monitoring the ongoing geopolitical tensions in the Middle East.
At 9:00 central time the Labor Department will release the April Job Openings and Labor Turnover Survey, which is expected to show 5.75 million, compared to the 5.743 million reported in March.
The main trend for stock index futures is higher.
The U.S. dollar is lower even though other flight to quality vehicles, such as U.S. Treasuries, gold and the Japanese yen are higher. Once again the U. S. dollar is ignoring bullish news, which should be viewed as a sign of weakness.
Expect the U.S. dollar to continue to underperform, while the euro currency continues to advance.
The British pound is lower after a report showed U.K. retail sales declined for the fourth time in five months.
Flight to quality buying is coming into the Japanese yen causing it to advance to a seven week high.
The Reserve Bank of Australia left interest rates on hold as expected, indicating it is satisfied with the progress of the economy and that inflation is likely to increase.
There was some talk yesterday that the central bank’s next move could be an interest rate reduction to counter a softer economy.
Some economists are predicting Australia’s economy shrank in the first three months of 2017, which would be the second contraction in three quarters.
Flight to quality buying is coming into Treasury futures, especially at the long end of the curve.
The Federal Open Market Committee is widely expected to raise interest rates at its June 14 meeting with the probability of a rate hike at 91%, which compares to 96% yesterday.
June 17 S&P 500
Support 2423.00 Resistance 2438.00
June 17 U.S. Dollar Index
Support 96.360 Resistance 96.830
June 17 Euro Currency
Support 1.12390 Resistance 1.12980
June 17 Japanese Yen
Support .90470 Resistance .91660
June 17 Canadian Dollar
Support .74050 Resistance .74490
June 17 Australian Dollar
Support .7446 Resistance .7515
September 17 Thirty Year Treasury Bonds
Support 154^0 Resistance 155^16
August 17 Gold
Support 1279.0 Resistance 1300.3
July 17 Copper
Support 2.5150 Resistance 2.5700
July 17 Crude Oil
Support 46.73 Resistance 48.03
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Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The risk of loss in trading futures and options can be substantial. The views and opinions expressed in this letter are those of the author and do not reflect the views of ADM Investor Services, Inc. or its staff. Research analyst does not currently maintain positions in the commodities specified within this report. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright © ADM Investor Services, Inc.
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