Friday May 16, 2008

Good Morning and Happy Friday

The dollar lost ground last night ahead of today’s data on Housing Starts and Consumer Confidence.  Both reports are expected to be negative for the US economy.  Housing Starts may fall to a 17 year low, while Consumer Confidence may be the weakest in 26 years.  Data on Housing Starts will be released at 8:30 AM and Consumer Confidence at 10 AM.

European and Asian Equity markets were higher on the heels of British Airways reporting a doubling of profits.  US Futures also point to a higher US opening.

Speculation that China will need to increase their purchases of diesel fuel caused oil to trade over $127.00.

Oil; $127.10

Gold: $895.10

Today’s Data:

Housing Starts: Exp: 938K   Prior: 947K

Housing Permits: Exp:  912K   Prior: 927K

U of Mich. Consumer Confidence:  Exp:  62   Prior:  62.6

Have a GREAT DAY and a GREAT WEEKEND.