Daily Markets Broadcast 2020-01-20 – MarketPulseMarketPulse


Daily Markets Broadcast

22-01-20

Wall Street consolidates at record levels

US indices climbed to record levels again Friday as the current trend continues. US data was disappointing while oil prices rose as a Libyan commander blocked exports from ports under his control. US cash equity and bond markets are closed for Martin Luther King Day.

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index hit new highs on Friday though volumes were subdued ahead of the long weekend

  • The 55-day moving average, which has supported prices since October 10, has moved up to 28,212

  • US industrial production fell 0.3% m/m in December, data released last Friday showed, which was worse than the -0.2% expected. There are no US data releases scheduled for today.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index advanced for a second day on Friday, boosted by the positive vibes from Wall Street

  • The index is above the 55-day moving average at 13,232, which has supported prices on a closing basis since October 8

  • German producer prices probably rose 0.1% m/m in December, according to the latest survey of economists. That a marginal increase from November’s flat reading.

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • Oil prices rose in early trading this morning after Libyan oil exports were partially blocked, with West Texas Intermediate (WTI) reaching the highest in 10 days

  • The 100-day moving average at $57.27 remains intact and has acted as a price support since December 3

  • The API weekly crude oil inventory data will be delayed until Wednesday this week due to the public holiday today. Last week saw an increase in inventories of 1.1 million barrels.

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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