Daily Markets Broadcast 2019-10-23

Daily Markets Broadcast

2019-10-23

Wall Street drops on Brexit drag

Boris Johnson failed to get his Brexit bill timetable passed in Parliament yesterday and this acted as a drag on Wall Street. It also raised expectations that a General Election may be called before the end of the year. Earnings reports were mixed, with McDonald’s disappointing, while rumours circulated that Hong Kong’s Carrie Lam might be replaced.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index is facing a second day of declines with further losses posted early this morning
  • The index is edging toward the 100-day moving average at 26,593, which has supported prices for almost two weeks
  • There are no major US data releases scheduled for today. The house price index is expected to show a gain of 0.3% m/m in August following a 1.7% advance in July.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

 

  • The Germany30 index fell yesterday amid Brexit developments, with it becoming more likely the UK will request an extension to the October 31 deadline. EU’s Tusk has recommended the EU accept such a request
  • The index facing its second daily decline in a row as a result of the Brexit hangover. The 100-day moving average has risen to 12,188
  • Euro-zone consumer confidence is seen slipping to -6.7 in October from -6.5 last month. There are no German data releases scheduled for today.

 

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • West Texas Intermediate rallied for the first time in three days yesterday after weekly inventory data showed a smaller build
  • WTI is rising toward the 55-day moving average at $55.295, which has capped prices since September 30
  • Weekly stockpiles data from the American Petroleum Institute showed inventories rose 4.45 million barrels as at October 18, a smaller gain than the previous week’s 10.5 million 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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