Daily Markets Broadcast 2019-03-12

Daily Markets Broadcast

2019-03-12

Wall Street pulled higher by tech sector

Wall Street indices closed higher despite issues at Boeing, as the tech sector pushed the Nas100 index 2% higher. Rumours circulated overnight that UK PM May had secured a “better” Brexit deal from Europe ahead of tonight’s Parliamentary vote.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index recovered from early Boeing-led weakness to close higher for the second straight day. The index appears to be continuing the trend in early dealings this morning
  • The 200-day moving average at 25,138 remains untouched, supporting prices since February 12
  • US consumer prices are expected to rise 0.2% m/m in February from a flat reading the previous month. Fed’s Brainard is scheduled to speak at 1345 GMT.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index snapped a three-day drop yesterday amid more-positive news on Brexit. The index shrugged off weaker-than-expected industrial production data
  • The index is edging toward the 200-moving average resistance at 11,812. It has capped prices since August 1
  • Germany’s industrial production fell 0.8% m/m in January, a surprise drop with economists anticipating a 0.4% gain. The production numbers echoed weak data from factory orders in the same month. There are no major data releases scheduled today.

 

UK100GBP Daily Chart

Source: OANDA fxTrade

  • The UK100 index fell for a third consecutive day yesterday, despite rumours that PM May has secured an improved Brexit deal from Europe. Tonight’s Parliamentary vote still introduces a huge element of uncertainty and the index is likely to remain under pressure until the outlook is clearer
  • The 55-day moving average at 6,985 moved above the 100-day moving average at 6,983 yesterday, the first time since September 4 last year
  • As well as the Brexit vote, we see the UK’s production data for January, which has been holding up pretty well, and the trade balance for the same month.

 

 

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.