Daily Markets Broadcast 2019-04-08

Daily Markets Broadcast

2019-04-08

Wall Street extends gains on payrolls beat

The US economy added more jobs than expected in March, which helped push the US30 index to six month highs. Trump blamed the Fed for slowing the US economy, called for rate cuts. Oil supply concerns out of Libya pushed oil prices higher.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index pushed to its highest since October 10 on Friday after US payrolls came in above forecast
  • The next possible resistance point could be the October 2018 high of 26,940
  • March nonfarm payrolls rose by 196,000, beating economists estimates of a 180,000 gain. Unemployment held steady at 3.8% though average hourly earnings rose 3.2% y/y, less than expected. Today’s calendar only has February factory orders on tap, which are seen falling 0.6% m/m.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index climbed for a tenth consecutive day on Friday, buoyed by the enthusiasm on Wall Street
  • The index failed to match the six-month high seen on Thursday, but the 10-day rising streak was the longest since April-May 2013. The 61.8% Fibonacci retracement of the May-December drop is at 12,089
  • German trade data for February are due today, with the surplus seen narrowing to EUR17 billion from EUR18.5 billion in January, the latest survey shows.

 

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • WTI snapped a two-day losing streak on Friday amid concerns about supply disruptions out of Libya. Prices have pushed higher this morning to hit the highest since November 6
  • Prices are nearing the Fibonacci resistance at 63.768, which is 61.8% retracement of the October-December drop. The 200-day moving average offers support at 61.422
  • The index measuring the number of US oil drilling rigs in production surged to 831 last week from 816 the previous week. That’s the first increase in seven 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.