Daily Markets Broadcast 2019-04-22

Daily Markets Broadcast


Wall Street extends gains on strong retail sales

US indices continued to rally on Thursday after retail sales data for March came in higher than expected. The US30 index has continued the rally in early trading this morning. Markets were closed on Friday and many remain closed today for the Easter Monday holiday. European PMIs disappointed (again).

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index touched the highest since October 5 this morning, extending the positive sentiment from Thursday
  • The index probably has its sights on the October high of 26,940. The rising 55-day moving average support is at 25,851 today
  • US retail sales rose 1.6% m/m in March, more than the 0.9% expected and the biggest monthly gain since September 2017. Existing home sales are released today and are expected to fall 2.3% m/m in March.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index ignored weaker flash PMI readings and extended its recent rally to a seventh day on Thursday
  • The index touched the highest since October 4 on Thursday. The 78.6% Fibonacci retracement of the May-December drop is at 12,581
  • Germany’s March Markit flash manufacturing PMI rose to 44.5 from 44.1 but missed forecasts of a climb to 45.0. Local markets remain closed today.

CN50USD Daily Chart

Source: OANDA fxTrade

  • The China50 index powered ahead to the highest in 2-1/2 months on Friday, helped along by the strong US data
  • The index touched the highest since February 7 and could have eyes on the January high of 14,927
  • China think tank CIER (China Institute for Employment Research) cautioned about pressure on the jobs market despite stronger economic growth in Q1. It warned that the open positions to job applicants ratio fell to 1.68 in Q1, the lowest since 2014. Called on the government to introduce more stimulus to increase demand.

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

Latest posts by Andrew Robinson (see all)