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Daily Markets Broadcast 2019-01-10

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Daily Markets Broadcast

2019-01-10

Stocks rise as minutes show a patient Fed
The minutes of the December FOMC meeting highlighted dovish discussions among Fed members and a patient view to further rate hikes in 2019. The three-day China-US trade talks finished amicably and with progress, though no actual deal was announced.
US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index advanced for a fourth day yesterday though gains were tempered amid concerns about the ongoing US government shutdown
  • The index closed above the 50% retracement level of the December drop at 23,760 yesterday. The 61.8% Fibonacci retracement is at 24,308 and the 55-day moving average at 24,440
  • Fedspeak continues today with Powell, Bullard, Evans and Clarida on tap. They will no doubt echo the dovish tone of the December minutes.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index has started negatively today, snapping a two-day advance that saw the index hit a four-week high
  • The index appears to be stalling ahead of the 55-day moving average, which is at 11,120 and has capped prices on a closing basis since August 29
  • No German data are scheduled for today. The minutes of the last ECB meeting will be released.

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • West Texas Intermediate has open in the red this morning and looks set for the first down-day in eight days. The commodity touched the highest in nearly four weeks yesterday
  • The 55-day moving average at $53.85 acts as the first resistance point and has capped prices since October 17
  • EIA crude oil stockpiles saw a drawdown of 1.68m barrels in the week to January 4, according to data released yesterday. It was below economists’ forecasts of a 2.8m barrel decline.

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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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