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Daily Markets Broadcast 2019-10-10

Daily Markets Broadcast 2019-10-10 - MarketPulseMarketPulse

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Daily Markets Broadcast

2019-10-10

Stocks start nervously today as trade hopes fade

US indices rose yesterday on hopes China would look through the recent US blacklisting steps and make progress in the trade talks. Those gains have been wiped out in early trading this morning as China damped expectations for a broader deal. EU says they are no closer to a solution to the Irish backstop issue.

US30 USD Daily Chart

Source: OANDA fxTrade

The US30 index rose for the first time in three days yesterday, but those gains proved to be short-lived as trade talk progress failed to materialise

The index has tested the 200-day moving average at 25,994 today, but has so far failed to sustain a breach below. It has held on a closing basis since August 14

US consumer prices are expected to rise 1.8% y/y in September, a slightly faster pace than August. Fed’s Kashkari and Mester are scheduled to speak later in the day.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

The Germany30 index touched the highest in a week yesterday but is already trading lower this morning

The index tested the 100-day moving average at 12,122 yesterday but failed to close above it. The 200-day moving average is at 11,843

Germany’s trade surplus is expected to narrow to €19.1b in August from €20.2b the prior month amid a 1.0% m/m contraction in exports, the latest survey of economists shows. The minutes of the last ECB meeting are also published today.

 

CN50USD Daily Chart

Source: OANDA fxTrade

The China50 index jumped the most in almost two months yesterday, touching the highest since September 24. However, the index is likely to give up some of those gains today as trade talk progress fails to emerge

The index may stall ahead of the 61.8% Fibonacci retracement of the drop from September 6 to October 3 at 13,819

China’s new loans data for September may be due today and is expected to show a total of 1.4 trillion yuan of loans granted. In 2019 the average monthly total has been 1.49 trillion yuan ($206 billion).

 

 

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Andrew Robinson

A seasoned professional with more than 30 years’ experience in foreign exchange, interest rates and commodities, Andrew Robinson is a senior market analyst with OANDA, responsible for providing timely and relevant market commentary and live market analysis throughout the Asia-Pacific region. Having previously worked in Europe, since moving to Singapore he worked with several leading institutions including Bloomberg, Saxo Capital Markets and Informa Global Markets, proving FX strategies based on a combination of technical and fundamental analysis as well as market flow information. Andrew began his career as an FX dealer with NatWest and the Royal Bank of Scotland in the UK.

Andrew Robinson

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