Daily Markets Broadcast 2019-10-30

Daily Markets Broadcast

2019-10-30

Wall Street on Fed watch

Rather lacklustre trading on Wall Street yesterday left US indices mixed to little changed yesterday as markets await the Fed’s rate decision later today. The UK heads to a General Election on December 12.

US30USD Daily Chart

Source: OANDA fxTrade

• The US30 index advanced for a third day, but only just, as rumours circulated that the Phase 1 trade deal between the US might not be signed next month
• The 100-day moving average has risen to 26,643, with the 55-day moving average tracking it higher as well
• The Fed is widely expected to cut rates by another 25 bps at today’s meeting, but it will be the tone and content of Jerome Powell’s press conference that will garner more attention. US GDP growth is seen slowing to 1.7% annualized in Q3 from 2.0% in the previous quarter, according to the latest survey of economists.

DE30EUR Daily Chart

Source: OANDA fxTrade

• The Germany30 index fell for the first time in five days yesterday amid the ongoing Brexit uncertainty and the prospect of a UK election
• The index had touched the highest since June 2018 on Monday. The 55-day moving average at 12,213 is poised to cross above the 100-day moving average at 12,223
• Euro-zone sentiment indicators for October across business, industrial and service sectors are all expected to slide from last month’s figures, the latest surveys show.

WTICOUSD Daily Chart

Source: OANDA fxTrade

• Crude oil prices slid further yesterday, dropping to the lowest in almost a week as investors question OPEC+’s commitment to deeper production cuts
• West Texas Intermediate (WTI) is hovering near the 55-day moving average at $55.43. Prices have traded below the 200-day moving average at $57.15 since September 27
• Weekly stockpiles data from the American Petroleum Institute (API) showed a smaller increase of 0.59 million barrels to October 25. This compares with an increase of 4.45 million barrels the previous week.

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