Daily Markets Broadcast 2019-10-29

Daily Markets Broadcast

2019-10-29

Wall Street upbeat on trade talks, Fed cut hopes

Wall Street indices advanced yesterday after US President Trump said US-China talks were ahead of schedule, while hopes for a Fed rate cut later this week added fuel to the gains, which saw the SPX500 index hit record highs. The EU extended the Brexit deadline to the end of the year and Boris Johnson will (again) attempt to get a December election passed by Parliament today.

SPX500USD Daily Chart

Source: OANDA fxTrade

• The SPX500 index rose for a second day in a row yesterday, hitting a new record high on positive trade talk comments and Fed rate cut hopes
• The 55-day moving average is above the 100-day moving average today for the first time in two weeks
• US pending home sales are seen rising 0.5% m/m in September, a slower pace than the +1.6% printed in August.

DE30EUR Daily Chart

Source: OANDA fxTrade

• The Germany30 index powered ahead for a fourth consecutive day yesterday, boosted by sentiment on Wall Street and the fact that the possibility of a no-deal Brexit receded
• The index rose to the highest in more than four months as the 55-day moving average at 12,192 closes in on the 100-day moving average at 12,215
• There are no economic data releases scheduled for both Germany and the Euro-zone today. Bundesbank president Weidmann is due to speak.

XAU/USD Daily Chart

Source: OANDA fxTrade

• The better sentiment on Wall Street has taken its toll on gold prices as they fell yesterday for the first time in five days
• Gold failed to close above the 55-day moving average on Friday after spiking up to the highest level since October 3. That moving average has capped prices on a closing basis since October 9
• US President Trump said yesterday that the US-China trade talks are ahead of schedule and he expects the Phase One deal to be signed at the APEC meeting in Chile next month.

Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.