Daily Markets Broadcast 2019-11-13

Daily Markets Broadcast

2019-11-13

Wall Street retreats as Trump threatens more tariffs

Trump’s speech yesterday contained the usual rhetoric, but in the Q&A session the US President said he would slap even bigger tariffs on China if they don’t sign a trade deal. The SPX500 and NAS100 indices have eased off from record highs yesterday. RBNZ surprised markets by keeping rates steady at 1.0%, with most analysts forecasting a 25 bps cut.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index has started negatively this morning after closing little changed yesterday
  • The 55-day moving average has risen to 26,896. The 23.6% Fibonacci retracement of the October 10 to November 7 rally is at 27,328
  • US consumer prices are expected to rise 0.3% m/m in October, an uptick from September’s flat reading. Fed’s Powell testifies today while his co-FOMC members Barkin and Kashkari are due to speak.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index rose for the first time in three days yesterday after the ZEW sentiment surveys showed some improvement
  • The index rose to the highest since January 2018 which helped lift the 55-day moving average to 12,487
  • Germany’s final reading for consumer prices was probably unchanged at +1.1% y/y in October, the latest survey of economists suggests.

 

CN50USD Daily Chart

Source: OANDA fxTrade

  • The China50 index fell for a third consecutive day yesterday as the escalating protests in Hong Kong hit sentiment
  • The index is falling toward the 55-day moving average at 13,853, which has supported prices since October 8
  • US President Trump said the two parties were “close” to a deal, without elaborating on what was already known. He added that, if a deal wasn’t signed, he wouldn’t hesitate to levy higher tariffs on China.

 

 

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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