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Daily Markets Broadcast 2019-08-05

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Daily Markets Broadcast

2019-08-05

Trade tensions keep pressure on Wall Street
The underlying threat of additional tariffs on Chinese goods kept US indices under pressure on Friday, despite an in-line nonfarm payroll report for July. Hong Kong protests continue, with protesters threatening to shutdown the city with a one day strike today. Another oil tanker is seized in the Straits of Hormuz, lifting oil prices.
US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index fell for a fourth straight day Friday as the US jobs report came in as expected, though June’s numbers were revised lower by 31,000
  • The index fell to the lowest level since June 18, trading below the 100-day moving average at 26,274 for the first time since June 7
  • Today we see the services PMIs for July, with the final Markit reading seen unchanged at 52.2 while the ISM equivalent is expected to improve to 55.5 from 55.1 in June.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index slumped to the lowest level in nearly two months on Friday, echoing the gloomy sentiment in other regions
  • Friday’s low was very close to the 78.6% Fibonacci retracement of the rally from June 3 to July 3 at 11,836. The 200-day moving average is at 11,650
  • The final Markit services PMI readings for both Germany and the Euro-zone are seen unchanged at 55.4 and 53.3 respectively, according to the latest survey of economists.

 

HK33HKD Daily Chart

Source: OANDA fxTrade

  • The HongKong33 index posted the biggest one-day drop since May on Friday, tumbling to the lowest level since January 16 ahead of expected weekend anti-government protests. More weakness is expected today after riot police broke up protests in various areas using teargas yesterday
  • The 78.6% Fibonacci retracement of the January-April rally is at 26,021
  • Protest leaders are planning to paralyze many areas of Kong Kong today with a one-day strike. Many flights out of the Asian financial hub have already been cancelled.

 

 

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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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