Daily Markets Broadcast 2019-08-08

Daily Markets Broadcast

2019-08-08

Please note the Daily Markets Broadcast will pause on August 9 and 12.

It will resume on Tuesday August 13

 

Wall Street edges higher

US indices recovered from deep intra-day losses to close in the black yesterday on opportunistic bargain buying. Three central banks (RBNZ, RBI, BOT) cut rates yesterday, two more than expected. US President Trump has another dig at the Fed for hiking rates last year. China’s trade data for July are due today.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index was down as much as 1.7% in early trading before a sharp rebound saw it close higher for the second day running. The index has started more cautiously this morning
  • The index is edging toward the 100-day moving average at 26,273
  • US President Trump called the Fed “incompetent” while calling on them to cut rates “bigger and faster”. There are no major US data releases scheduled for today.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index climbed for a second straight day yesterday, helped along by an acceleration in the global easing cycle
  • The index closed above the 200-day moving average at 11,650 for the first time this week yesterday
  • German industrial production data disappointed in June, contrary to the uptick in factory orders. Production fell 1.5% m/m, worse than the -0.4% expected. There are no major data releases from either Germany or the Euro-zone today.

 

CN50USD Daily Chart

Source: OANDA fxTrade

 

 

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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