Daily Markets Broadcast 2019-05-03

Daily Markets Broadcast

2019-05-03

Wall Street falls on fears of US-China deal stalemate
Rumours circulated yesterday that the lack of detailed progress in this week’s US-China negotiations implies a deeper impasse. Oil prices continued their slide on demand concerns.
US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index fell for a second consecutive day yesterday on trade negotiation concerns. Energy stocks weakened as crude oil crashed more than 3%
  • Rising 55-day moving average support is at 26,039 today. The index fell through 26,264 support putting a double-top in place with a measured objective of 25,862
  • The US economy added 185,000 jobs in April, according to the latest survey of economists. A below-forecast number would put additional pressure on Wall Street. The unemployment rate is seen steady at 3.8%.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index snapped a three-day winning streak yesterday though losses were limited by an uptick in the Markit manufacturing PMI in April. March retail sales also come in above forecast
  • The index is testing the 61.8% Fibonacci retracement of the 2018 fall at 12,332
  • German retail sales fell a less-than-expected 0.2% m/m in March following a 0.5% gain the previous month. The Markit manufacturing PMI was revised higher to 44.4 from 44.1.

 

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • WTI fell 3.2% yesterday as increasing inventories raise concerns about slack demand. Meanwhile supply concerns eased as the Iran sanction waivers expired.
  • WTI is approaching the 200-day moving average at 60.716, which has supported prices since April 2
  • Data from the EIA released Wednesday showed an addition of 9.93 million barrels to inventories, the biggest increase since November.

 

 

Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

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)