Summary

The equity markets where basically unchanged as slow summer volume and lack of an impetuous kept investors on the side lines. The S&P 500 Index decreased slightly by two points to close the trading session at 1074.

Tomorrow's Events

EUR	9:00	EMU Consumer Confidence	June	-17	-17.3
CAD	12:30	Canadian Industrial Production	May		.3%
USD	13:00	Case Shiller Housing Index	April	3.5%	2.3%
USD	14:00	US Consumer Confidence	June	62.6	63.3

Trading Opportunities

EUR/USD

The ECB reported much weaker than expected money supply figures today. M3 fell 0.2% in May from a year ago. The consensus had expected it to grow by 0.3%. Adding insult to injury, the April figure was revised to -0.2% from -0.1%. Growth in M1 slowed to 10.3% from 10.7%. This is the general pattern seen in other major industrialized countries, including the US, where narrow money is growing but the broader measures are not. One difference in Europe is that the ECB reported that loans to households and companies increase by 0.2% in May after a 0.1% gain in April. As money supply decreases, there is less liquidity to purchase gold.

   

GOLD

The ECB reported much weaker than expected money supply figures today. M3 fell 0.2% in May from a year ago. The consensus had expected it to grow by 0.3%. Adding insult to injury, the April figure was revised to -0.2% from -0.1%. Growth in M1 slowed to 10.3% from 10.7%. This is the general pattern seen in other major industrialized countries, including the US, where narrow money is growing but the broader measures are not. One difference in Europe is that the ECB reported that loans to households and companies increase by 0.2% in May after a 0.1% gain in April. As money supply decreases, there is less liquidity to purchase gold.