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U.S. stock index futures are lower after the U.S. said it was considering imposing tariffs on $3.1 billion worth of products from the U.K., France, Germany and Spain.

Total mortgage application volume fell 8.7% last week from the previous week, according to the Mortgage Bankers Association. However, this was 18% higher than a year ago.

Futures are likely to recover from the morning weakness.

The technical situation remains positive for stock index futures.


The U.S. dollar is higher with safe-haven demand supporting the greenback after it was reported that the U.S. was considering tariffs on exports from Britain, France, Spain and Germany.

The euro currency is lower despite news that the Ifo institute’s index of companies’ assessment of their current situation increased to a record to 81.3 points after two months of declines.

Interest rate differential expectations have recently turned slightly more favorable to the U.S. dollar.


Federal Reserve speakers today are Charles Evans at 11:30 and James Bullard at 1:00.

The Treasury will auction five-year notes today.

According to financial futures markets there is a 97.8% probability that the Federal Open Market Committee will leave its fed funds rate unchanged at zero to 25 basis points at its July 29 policy meeting.

Futures are lower at the long end of the curve when they should be higher in light of lower stock index futures. Additional selling pressure is likely in the 30-year Treasury bond futures from current levels today.

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 information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  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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