Daily Markets Broadcast 2019-04-02

Daily Markets Broadcast

2019-04-02

The Daily Market Broadcast is paused on 3 April 2019 and will resume on 4 April 2019

Wall Street rally extends as data matches China’s rebound

The rebound in China’s PMI numbers was echoed in the US, pushing Wall Street indices higher for a third day. It’s the RBA rate meeting today with a chance of a dovish bias. Brexit is still not decided.

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index rallied for a third day yesterday, touching the highest since October, as the March ISM manufacturing PMI beat estimates
  • The next possible resistance point could be the October high of 26,940
  • The ISM March manufacturing PMI hit 55.3, higher than economists’ forecast of 54.5. Today sees the release of durable goods orders for February, which are expected to fall 1.8% m/m.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index ignored below-forecast PMI readings for Germany and the Eurozone yesterday, instead building on the positive sentiment from the China numbers and advancing for a sixth straight day, the longest winning streak since July last year
  • The index is testing the 200-day moving average resistance at 11,717. That average has capped prices on a closing basis since July 31
  • German Markit manufacturing PMI weakened to 44.1, below estimates of 44.7 while the Euro-zone equivalent came in at 47.5, missing estimates of a 47.6 reading. ECB’s Praet is scheduled to speak today.

AU200AUD Daily Chart

Source: OANDA fxTrade

  • The Australia200 index looks poised to rally for a fourth straight day today as the market awaits the RBA’s rate decision
  • The index has advanced to the highest in 3-1/2 weeks on hopes the RBA will adopt a more-dovish stance on interest rates, similar to other central banks in the region
  • Building permits were strong in February, rising 19.1% m/m after a 2.5% gain in January. The RBA announcement is scheduled for 1130 SGT.

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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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