Daily Markets Broadcast 2019-10-25

Daily Markets Broadcast

2019-10-25

Wall Street mixed on slowdown fears

Most US indices finished lower yesterday as corporate earnings continue to be a hit and miss affair and data was a little disappointing. British PM Boris Johnson tested the waters for a snap December election while the announcement from the EU on how long the Brexit extension will be is due today. Oil prices extended recent gains.

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index failed to make any further headway yesterday and is almost back at starting levels for the week
  • The 100-day moving average support is at 26,612 and has supported prices on a closing basis since October 10
  • US durable goods orders fell 1.1% in September, a deeper drop than the -0.8% analysts had expected. US data releases today are limited to the October Michigan sentiment index, which is seen unchanged at 96.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index powered upward to hit the highest since August last year yesterday, despite the increasing possibility of a December election in the UK
  • The index is facing its third weekly gain in a row, which hasn’t happened since August/September. The 100-day moving average is at 12,207
  • German consumer confidence is expected to dip marginally to 9.8 in November from 9.9 this month, according to the reading from Gfk. IFO’s October survey of business expectations is seen rising to 91.0 from 90.8.

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • West Texas Intermediate climbed to the highest this month yesterday amid concerns over supply cuts from OPEC+
  • WTI is rising toward the 200-day moving average, which is at $57.12 today. That moving average has capped prices since September 27
  • Reports have been circulating this week that OPEC+ intends to introduce further production cuts at its December meeting in order to prop up the oil price. The meeting is scheduled for December 5 in Vienna.

** Please Note: The Daily Market Broadcast will pause on 28 Oct 2019 and resumes on 29 Oct 2019 **

 

 

 

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.