Futures are higher after it was reported that U.S. economic growth was stronger than previously thought in the first quarter.
Gross domestic product expanded at a seasonally and inflation adjusted annual rate of 1.4%, which compares to the estimate of 1.2% growth.
In the week ended June 24 initial jobless claims rose 2,000 to a seasonally adjusted 244,000. Economists forecast 240,000 new claims.
The main trend for stock index futures is higher.
The U.S. dollar fell to a new eight month low. Lower prices are likely for the greenback.
The euro currency advanced to a 13 month high after it was reported that euro zone businesses and consumers became more optimistic in June about their economic prospects. The main trend for the euro currency is higher.
The European Commission said it’s Economic Sentiment Indicator, jumped to 111.1 in June from 109.2 in May, which is its highest level since August 2007.
Also, there was support for the euro after a report showed German inflation unexpectedly accelerated in June, increasing to 1.5% from 1.4%. This compares to the median estimate of an increase of 1.3%.
The Japanese yen is lower after the Bank of Japan said it is not planning to reduce asset purchases until its 2% inflation target is reached.
The Australian dollar is being supported by higher crude oil and iron ore prices.
Futures came under pressure when the stronger than expected U.S. gross domestic product report was released.
At 12:00 central time St. Louis Federal Reserve Bank President James Bullard will speak on monetary policy.
The probability that the Federal Open Market Committee will increase its fed funds rate at the December 13 meeting is 53%, which compares to 54% yesterday.
September 17 S&P 500
Support 243400 Resistance 2448.00
September 17 U.S. Dollar Index
Support 95.300 Resistance 95.880
September 17 Euro Currency
Support 1.14110 Resistance 1.14980
September 17 Japanese Yen
Support .88710 Resistance .89540
September 17 Canadian Dollar
Support .76640 Resistance .77120
September 17 Australian Dollar
Support .7620 Resistance .7687
September 17 Thirty Year Treasury Bonds
Support 153^16 Resistance 155^6
August 17 Gold
Support 1234.0 Resistance 1256.0
September 17 Copper
Support 2.6650 Resistance 2.7200
August 17 Crude Oil
Support 44.55 Resistance 45.68
For more information about these markets, please contact Alan at 312.242.7911 or via email at email@example.com. Thank you.
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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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The risk of loss in trading futures and options on futures can be substantial. Each investor must carefully consider whether this type of investment is appropriate for them. Past performance is not necessarily indicative of future results.