In overnight news, the Euro currency was supported on some positive economic news out of Germany.
The German economy grew by 0.1% in the first quarter, versus the fourth quarter of last year. German business confidence rose in May, following two months of declines.
Meantime, German consumer confidence rose for the fifth straight month and hit a multi-year high. European stocks were mostly weaker Friday.
Asian stocks saw volatile trading early on but ended mixed, with the Japanese Nikkei index finishing the day not far from unchanged.
U.S. economic data due for release Friday includes the advance report on durable goods orders.
US Dollar Index
The U.S. dollar index is lower again in early U.S. trading, as the bulls are fading late this week. Bulls still have the overall near-term technical advantage. Slow stochastics for the dollar index are bearish early today.
The dollar index finds shorter-term technical resistance at 84.000 and then at 84.220. Shorter-term support is seen at the overnight low of 83.500 and then at 83.325. Wyckoff's Intra Day Market Rating: 4.0
NYMEX Crude Oil
Crude oil prices are lower again early today. Bulls are fading. In July Nymex crude, look for buy stops to reside just above resistance at $94.00 and then at the overnight high of $94.39. Look for sell stops just below technical support at $93.00 and then at Thursday’s low of $92.21. Wyckoff's Intra-Day Market Rating: 4.0
Grains
Markets were modestly lower in overnight trading, on a corrective pullback from Thursday’s gains. Grain bulls had a good day on Thursday. Corn bulls have gained upside technical momentum late this week.
Soybean bulls are on a run as prices are hovering near this week’s eight-month high.
Soybeans see a tight U.S. cash market and good U.S. export demand. Wheat remains the weak sister of the grains complex, but will follow corn if that market continues to rally.
