Daily Markets Broadcast 2018-12-10

Daily Markets Broadcast

2018-12-10

Due to an unforeseen circumstance, we apologise for not publishing the Daily Markets Broadcast last Friday.

Wall Street tumbles to six-week low

Weak jobs data and an escalation in US-China tensions over the arrest of Huawei’s CFO combined to pressure US futures markets in early trading today.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index has fallen to the lowest since October 26 this morning, following on from Friday’s losses
  • The 100-week moving average is at 23,475
  • The US economy added just 155,000 jobs in November, well below forecasts of +200,000 and a marked slowdown from October’s revised +237,000.

 

DE30EUR Monthly Chart

Source: OANDA fxTrade

  • The Germany30 index is under pressure again today after suffering the worst weekly loss since March
  • The index looks set to close below the 55-month moving average at 11,233 for the first time since December 2011
  • Germany’s October trade surplus is expected to widen to EUR17.7b from 17.6b in September. Trade tariffs do not appear to be affecting the trade balance so far.

 

WTICOUSD Weekly Chart

Source: OANDA fxTrade

  • West Texas Intermediate looks poised for its second daily advance in a row after posting the biggest weekly gain in 10 weeks last week
  • Fibonacci retracement resistance may be found at $55.858, 23.6% retracement of the October-November drop
  • OPEC and non-OPEC producers pushed forward with an agreement to cut production by 1.2m bpd, without any assurances Iran would cap its production.

 

 

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

Andrew Robinson

Senior Market Analyst at MarketPulse
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.