Daily Markets Broadcast 2019-08-29

Daily Markets Broadcast


The Daily Market Broadcast will pause on 30 August 2019 and resumes on 9 September 2019

Wall Street rebounds on technical buying

Lower global rates across the board was an initial worry for equities yesterday, but once US yields moved below the S&P dividend yield it prompted some technical buying across indices. Oil prices rose on a larger-than-expected drop in inventories while the chances of the UK leaving Europe without a deal increased as PM Boris Johnson’s request to suspend Parliament was granted by The Queen.


US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index recovered from a weak opening yesterday amid some technical buying across indices
  • The index bounced off the 200-day moving average at 25,599. That moving average has supported prices on a closing basis for two weeks
  • US Q2 economic growth is expected to be revised lower to +2.0% annualised from +2.1% at the first estimate, according to the latest survey of economists. Pending home sales are seen returning a flat reading in July, down from the +2.8% recorded in June.


DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index could fall for a second straight day today after snapping a two-day rising streak yesterday. Developments on the Brexit front pulled the index back from a positive start yesterday
  • The index is sitting on the 200-day moving average at 11,669. So far, the index is still in positive territory for the week, which would be the first weekly gains in five weeks
  • The Euro-zone economic sentiment indicator is seen sliding to 102.3 in August from 102.7 last month.That would be the weakest reading since February 2015.


UK100GBP Daily Chart

Source: OANDA fxTrade

  • The UK100 index posted the biggest one-day gain in a week yesterday after the “prorogue” surprise
  • The index is rising toward the 200-day moving average at 7,195, which has capped prices on a closing basis since August 21
  • UK PM Boris Johnson suspended Parliament from no later than September 12 to October 14, a move which is seen as an attempt to stop lawmakers from introducing laws to prevent a “no-deal” Brexit. There are no major UK data releases scheduled for today.



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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