Daily Markets Broadcast 2019-05-29

Daily Markets Broadcast


US indices decline on tariff, growth fears

Wall Street indices fell sharply into the close yesterday as investors mulled the lack of progress in the US-China trade talks and its implications for global growth. China avoids being labeled a currency manipulator in the US semi-annual review. Bank of Canada is seen keeping rates unchanged at 1.75% at today’s meeting.


US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index snapped a two-day losing streak and fell the most in two weeks yesterday amid growth concerns
  • The index closed below the 200-day moving average at 25,418 for the first time since May 13. The next support level could be the 38.2% Fibonacci retracement of the December to May rally at 24,668
  • The Richmond Fed manufacturing index is seen improving to 6 in May from 3 in April


DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index looks poised for a second daily decline in early trading this morning. Angela Merkel is reportedly reconsidering her successor after poor results in last weekend’s elections
  • The index is testing 55-day moving average support at 11,948, which has supported prices on a closing basis since February 8
  • Germany’s unemployment rate is seen unchanged at 4.9% in May, according to the latest poll, but the economy is expected to have lost 8,000 jobs in the month.


CN50USD Daily Chart

Source: OANDA fxTrade

  • The China50 index advanced for a third straight day yesterday, but gains were modest
  • The index is tracking the 100-day moving average higher, which is currently at 12,502. This average has supported prices on a closing basis since January 23
  • The fact that China was not labeled a currency manipulator in the US Treasury’s semi-annual review could give shares an additional boost.



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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