Daily Markets Broadcast 2019-03-26

Daily Markets Broadcast


Wall Street overcomes early selling to close higher

US indices experienced early pressure yesterday but recovered lost ground to finally close higher on the day. Apple kept the Nas100 index capped while gold hit a near-one month high.


US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index slid to a two-week low before rebounding to close higher yesterday
  • The index held above the 55-day moving average at 25,266, which has underscored prices since January 23
  • US housing starts are seen dropping 28.3% m/m in February and building permits are expected to decline 0.6%. In contrast, the house price index is forecast to rise 0.3% in January.


DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index rebounded from the lowest level since February 19 to post a positive close yesterday as German IFO surveys beat estimates
  • The index tested below the 55-day moving average at 11,298 before rebounding. The moving average still supports prices on a closing basis since February 8
  • After the better-than-expected German March IFO surveys yesterday (expectations index 95.6 vs 94.0 forecast), today we see the Gfk consumer confidence survey for April. That’s expected to hold steady at 10.8, according to the latest survey of economists.


XAU/USD Daily Chart

Source: OANDA fxTrade

  • Gold pushed to the highest level this month last night versus the US dollar amid global growth concerns and a weaker US dollar on the back of lower US yields
  • The index breached the 61.8% Fibonacci retracement level of the February-March drop at 1,321.79 for the first time since February 28. The pair is still hovering near that resistance point
  • The US 10-year Treasury yield fell to 2.418% yesterday, the lowest since December 2017, after Friday’s PMI readings raised concerns of a deeper global slowdown. The yield curve inverted a touch more, which many believe to be the fore-runner of a US recession.



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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