The U.S. Dollar pared earlier gains on Monday after French President Emmanuel Macron and Donald Trump agreed not to impose tariffs in their digital tax dispute until at least the end of this year. Crude oil rose following supply disruptions in Libya and Iraq. European stocks edged lower and U.S. Equity Futures drifted on Monday as investors awaited a fresh batch of corporate earnings and some key central bank meetings this week. Activity was muted across most major markets because of a U.S. holiday. Contracts on the main American Equity benchmarks trimmed earlier declines to trade little changed, while the Stoxx Europe 600 closed modestly down as losses in retailers offset gains for telecommunications companies. Shares advanced in most of Asia, but slumped in both Hong Kong and India. Most European bonds edged higher, while the Pound was slightly weaker ahead of U.K. jobs data due this morning. The Bloomberg Dollar Index fell back to little-changed on the report Macron and Trump had agreed not to impose punitive tariffs. The two countries will continue talks, while the Organization for Economic Cooperation and Development, of which both France and the U.S. are members works on a framework for taxing tech companies. The Euro reverted an earlier decline. Brent crude jumped back above $65 a barrel as unrest hit key production regions. Iraq temporarily stopped output at an oil field on Sunday, while Libyan production almost ground to a halt after armed forces shut down a pipeline.
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Equities
Jitters in the oil market seem to be tempering investor confidence after the signing of the initial Sino-American trade deal and positive economic readings from China and the U.S. helped lift sentiment last week. The IMF’s latest outlook gives traders more to mull over, with the Fund predicting the world economy will strengthen in 2020, albeit at a slightly slower pace than previously anticipated. Investors now turn their attention back to corporate earnings after solid results from the biggest banks on Wall Street. Key central bank meetings in Europe and Japan are also on the agenda.
Futures on the S&P 500 Index were little changed.
The Stoxx Europe 600 Index decreased 0.1%.
The MSCI Asia Pacific Index was little changed.
The MSCI Emerging Market Index dipped 0.2%.
Currencies
Here is a summary of the main Changes in F.X Markets:
The Bloomberg Dollar Spot Index was little changed.
The Euro was little changed.
The British Pound sank 0.1% to $1.3001.
The onshore Yuan dipped 0.1% to 6.867 per dollar.
The Japanese Yen was little changed at 110.17 per dollar.
Bonds
Germany’s 10-year yield declined less than one basis point to -0.221%.
Britain’s 10-year yield climbed two basis points to 0.648%.
Japan’s 10-year yield advanced one basis point to 0.004%.
Commodities
West Texas Intermediate crude climbed 0.2% to $58.66 a barrel.
Iron ore decreased 0.4% to $94.15 per metric ton.
Gold gained 0.2% to $1,560.77 an ounce.
This morning on the Economic Front we have the ECB Bank Lending Survey at 9.00 am and this is followed at 9.30 am by UK Unemployment and Average Earnings. At 10.00 am we have German and Euro-Zone ZEW Survey. For the second consecutive trading session we have no economic data due from the U.S.
March S&P 500
Yesterday was a non-event and I am still flat the S&P. Today I will leave my 3333/3346 sell level unchanged with the same 3355 stop. I will also be a small buyer on any dip lower to 3275/3285 with a 3268 stop.
EUR/USD
No Change as I am still long at 1.1100 with the same 1.1125 T/P level. I will continue to look to add to this position on any dip lower to 1.1060 with a 1.1035 stop. Again, if any of the above levels hit I will be back with a new update for my Platinum Members.
March Dollar Index
I am still a seller of the Dollar from 97.50/97.90 with a 98.25 tight stop.
March DAX
The DAX closed higher yesterday in thin trading and I am still flat. Today I will lower my buy level to 13310/13380 with a lower 13255 stop.
March FTSE
The FTSE closed weak yesterday despite the small sell-off in Sterling and I am still flat. I will now lower my sell level to 7640/7680 with a 7705 stop.
Dow Rolling Contract
No Change as I am still short the Dow from last week at a price of 29240. I will now raise my T/P level on this position to 29200 which has just been filled as I post this commentary. I will now look to reset my short position on any further move higher to 29380/29530 with a 29605 stop. If I am taken short at this new sell range I will have a T/P level at 29315. I will also be a small buyer on any further dip lower to 28905/29045 with a 28795 stop. If I am taken long I will have a T/P level at 29160. If any of the above levels are hit I will be back with a new update for my Platinum Members.
March NASDAQ
The NASDAQ has good support from 9010/9070 and I will be a buyer in this area with a 8960 stop. I will continue to be a small seller on any further rally to 9250/9310 with a higher 9345 stop.
March BUND
The Bund only traded in a 20 point range yesterday and I am still flat as I continue to be a buyer from 170.70/171.10 with a 170.35 stop.
Gold Rolling Contract
No Change as my only interest in buying Gold is still from 1531/1541. If I am taken long I will have a T/P level at 1547 while my stop will also remain unchanged at 1525.
Silver Rolling Contract
No Change as I am still a buyer on any dip lower to 17.45/17.85 with a 17.15 tight stop. If I am taken long I will have a T/P level at 18.05.
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