Daily Markets Broadcast 2019-01-08

Daily Markets Broadcast

2019-01-08

Wall Street extends payrolls gains

Wall Street continued Friday’s gains yesterday, though closed off intra-day highs. There wasn’t much news from the two-day US-China trade talks for markets to latch on to, though the US expressed some confidence that a deal could be struck the both parties could “live with”.

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index looks set to advance for a third straight day amid hopes for progress in the Sino-US trade talks
  • The index is still eyeing the 50% retracement level of the December drop, which is at 23,760
  • The ISM non-manufacturing PMI for December came in worse than expected 57.6, echoing weakness in the manufacturing sector. There are no tier-1 data releases scheduled for today.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index’s advance faltered yesterday, closing down on the day after touching a three-week high
  • The 55-day moving average is at 11,146. This average has capped prices on a closing basis since August 29
  • ECB’s De Guindos reiterates the Council’s view that the central bank will continue to provide substantial accommodation.

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • West Texas Intermediate advanced for a fifth straight day yesterday amid reports Saudi Arabia had scaled back production in December, as it had promised
  • The 23.6% Fibonacci retracement of the October-December drop is at $50.416. The 55-day moving average is at $54.407
  • American Petroleum Institute weekly crude stocks data as of Jan 4 are due today. Last week saw a draw-down on inventories of 4.5 million barrels, the first in three weeks.

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.
Andrew Robinson

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