Prices are mixed ahead of a series of political and economic events due tomorrow, 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.
Mortgage applications in the week ended June 2 increased 7.1%, which compares to the 3.4% decline in the previous week.
The 1:00 central time April consumer credit report is expected to show a $15 billion increase.
The main trend for stock index futures is higher.
The euro currency is lower due to media reports that the European Central Bank will lower its inflation forecast for 2019 at tomorrow’s policy meeting.
In addition, the ECB may provide additional clues on how long its ultra-easy monetary policy will remain in place.
Investors are anticipating tomorrow’s ECB meeting could be a date when officials hint at the possibility of a less accommodative monetary policy.
Longer term, we expect the U.S. dollar to underperform, while the euro currency advances.
Early results for the U.K. general election will start coming in tomorrow night, with the latest polls suggesting a tightening race.
The Australian dollar traded higher on news that first quarter economic growth in Australia met analysts’ expectations, advancing 1.7% on an annualized basis.
Some economists were predicting Australia’s economy shrank in the first three months of 2017.
The Canadian dollar is higher in spite of lower crude oil prices and news that Canadian building permits declined .2% in April from March.
Futures are mixed after yesterday’s gains that were linked to flight to quality buying.
The Federal Open Market Committee is widely expected to raise interest rates at its June 14 meeting.
The probability of a rate hike is 93%, which compares to 91% yesterday.
June 17 S&P 500
Support 2425.00 Resistance 2438.00
June 17 U.S. Dollar Index
Support 96.360 Resistance 96.830
June 17 Euro Currency
Support 1.12030 Resistance 1.12980
June 17 Japanese Yen
Support .91170 Resistance .91750
June 17 Canadian Dollar
Support .74250 Resistance .74550
June 17 Australian Dollar
Support .7488 Resistance .7575
September 17 Thirty Year Treasury Bonds
Support 154^16 Resistance 155^8
August 17 Gold
Support 1287.0 Resistance 1300.3
July 17 Copper
Support 2.5300 Resistance 2.5600
July 17 Crude Oil
Support 47.43 Resistance 48.78
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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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