Daily Markets Broadcast 2019-04-09

Daily Markets Broadcast

2019-04-09

Wall Street mixed as upward momentum stalls

It was a mixed performance on Wall Street overnight, with the US30 index weighed down by Boeing, the SPX500 flat and the Nas100 index eking out small gains.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index slid lower for a second consecutive day yesterday as production cuts at Boeing dragged the index lower
  • The 55-day moving average at 25,616 could be the next technical support point
  • US factory orders fell 0.5% m/m in February, less than the -0.6% forecasts had suggested. It’s another slow data day today, with a speech from Fed’s Clarida likely the main highlight.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index fell for the first time in 11 sessions yesterday as a lack of momentum on Wall Street pressured
  • The 10-day rally stalled just below the 61.8% Fibonacci retracement of the May-December decline at 12,089. The 200-day moving average at 11,703 could be the next support level
  • There are no data releases for either Germany or the Euro-zone today. The main event for the week will be tomorrow’s ECB rate meeting.

 

JP225USD Daily Chart

Source: OANDA fxTrade

  • Today the Japan 225 index looks set to retreat further from the 4-month high struck yesterday amid broader weakness across equity markets
  • The index is pivoting around the 200-day moving average, which is at 21,889 today
  • Japan’s bank lending is expected to slow to +2.0% y/y in March following a 2.3% gain in February. Machinery orders are expected to continue their sluggish phase, with a 5.2% y/y decline in February, the second contraction in a row. Both data sets are scheduled for release early tomorrow morning.

 

 

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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