Daily Markets Broadcast 2019-04-29

Daily Markets Broadcast

2019-04-29

Wall Street rebounds on strong GDP print

A strong, above-forecast print for Q1 GDP helped US indices advance on Friday. European bourses found support after Fitch maintained Italy’s sovereign rating while oil prices fell after Trump said he’d asked OPEC to increase supply. Japanese markets are closed all week, so volumes in Asia could be lower.

US30USD Daily Chart

Source: OANDA fxTrade

• The US30 index snapped a two-day losing streak on Friday after data showed the US economy grew 3.2% y/y, hugely beating forecasts of a dip to 2.0% from 2.2% in Q4
• Rising 55-day moving average support is at 25,964 today. Resistance points may be found at this month’s high of 26,666 and the October high of 26,939
• US personal income is seen rising 0.4% m/m in March, accelerating from February’s +0.2%

DE30EUR Daily Chart

Source: OANDA fxTrade

• The Germany30 index rebounded on Friday, encouraged by moves on Wall Street and Fitch’s move to maintain Italy’s sovereign rating at BBB, but with a negative outlook
• The index is hovering near seven-month highs and the 55-day moving average looks poised to cross above the 200-day moving average later this week. This may be interpreted as a longer-term bullish signal
• There is a slew of Euro-zone confidence indicators scheduled today. The one likely having the most impact could be consumer confidence, which is seen steady at -7.9 in April.

WTICOUSD Daily Chart

Source: OANDA fxTrade

• WTI posted the biggest one-day drop this year on Friday as weekly data showed a huge inventory build, heightening concerns about slack demand. US President Trump said he’d asked OPEC to reduce prices
• The 200-day moving average is at $60.84 today, and has supported prices on a closing basis since April 1
• API weekly crude stocks to April 26 are due tomorrow after showing the biggest weekly addition to stockpiles in seven weeks last week.

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