Daily Markets Broadcast 2019-09-23

Daily Markets Broadcast

2019-09-23

Wall Street boosted by trade talk hopes

US indices have started the week positively amid hopes that enough progress is being made in lower-level trade talks to prompt a high level meeting next month. This week the UK Supreme Court may rule on the legality of Boris Johnson’s suspension of Parliament, which could impact the UK index. There’s a Japan public holiday today.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index looks set to snap a two-day losing streak with advances in early trading
  • The 55-day moving average has edged up to 26,614, with prices trading above it since September 5
  • The flash Markit manufacturing PMI for September is expected to be unchanged from August at 50.3, according to the latest survey of economists. Fed’s Williams is scheduled to speak today.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index has started positively this morning after falling for the first time in four weeks last week
  • The 100-day moving average is at 12,116 and has supported prices since September 6. The 55-day moving average is just below at 12,076
  • The provisional reading for Markit’s German manufacturing PMI is seen rising to 44.0 in September from 43.5 the previous month. The Euro-zone reading is also seen higher at 47.3 from 47.0.

 

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • Crude oil prices closed last week with the biggest weekly gain since mid-June after the attacks on Saudi production facilities. Prices are marginally higher at the start of trading today
  • Prices remain above the 100-day moving average at $56.85, which was breached to the upside a week ago
  • The American Petroleum Institute releases stockpiles data as at September 20 tomorrow. The previous week saw an increase in reserves of 592,000 barrels.

 

 

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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