Daily Markets Broadcast 2019-05-27

Daily Markets Broadcast

2019-05-27

Wall Street higher ahead of holidays

Wall Street indices were either flat or marginally higher on Friday amid some position squaring ahead of the long weekend. US President Trump is in Japan now. Weekend European election results are drifting in. There are public holidays in the UK and US.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index rose on Friday, snapping a two-day losing streak but it wasn’t enough to prevent a third weekly loss in a row
  • The 200-day moving average at 25,419 is still acting as a support level, with prices holding above it on a closing basis since May 13
  • US President says a trade deal with Japan will not happen during his trip. The initial target period for an agreement is after the Japanese elections in July.

 

DE30EUR Dail;y Chart

Source: OANDA fxTrade

  • The Germany30 index is marginally higher this morning after EU election exit polls suggested that mainstream EU parties were holding off an assault by the more populist parties
  • Support at the 55-day moving average at 11,930 remains intact and has supported prices on a closing basis since February 8
  • ECB’s Weidmann said Friday he sees no need for ECB to change its monetary policy at the moment, despite current weakness in the Euro-zone economy.

 

JP225USD Daily Chart

Source: OANDA fxTrade

  • The Japan225 index is higher for a second straight day in early trading this morning as Trump said that the US and Japan were “close” to a trade deal, though it will likley not be finalised until after the Japanese elections in July
  • The index has traded below the 55-day moving average, which is at 21,719 today, since May 7
  • Japan’s March leading economic index is seen holding steady at 96.3. BOJ’s Kuroda is scheduled to speak at 0300GMT.

 

 

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.