Daily Markets Broadcast 2019-11-14

Daily Markets Broadcast

2019-11-14

Wall Street stalls as trade deal hits a snag

Most US indices struggled to rally yesterday as reports circulated that the US-China Phase 1 deal had hit a snag. Discrepancies on China’s agricultural purchases were among the issues. Powell’s testimony on Capitol Hill had nothing new for markets. The Australian jobs report for October disappointed.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index outperformed other US indices as Disney reported strong take-up numbers for its new streaming service
  • The index hit a new record high yesterday. The 55-day moving average has risen to 26,924.
  • US producer prices are expected to rise 0.3% m/m in October, an uptick from September’s -0.3% reading. Fed’s Evans, Clarida and Bullard are scheduled to speak, with Chairman Powell delivering Day 2 of his testimony.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index declined yesterday despite better-than-expected economic data
  • The index touched the lowest in a week as the 55-day moving average rose to 12,516
  • The Euro-zone’s economic growth is expected to maintain its recent pace in Q3 with a +0.2% q/q reading expected. Speeches from ECB’s De Guindos and Lane are scheduled for today.

 

AU200AUD Daily Chart

Source: OANDA fxTrade

  • The Australia200 index rebounded off intra-day lows as the jobs report for October missed estimates. The weaker report raised hopes of more RBA rate cuts which supported the index
  • The index touched the lowest in a week before rebounding. The 55-day moving average has risen to 6,664 and has been above the 100-day moving average since November 7
  • The Australian economy lost 19,000 jobs in October, 10,700 of those in the full-time category. The unemployment rate rose to 5.3% from 5.2%, even with a lower participation rate of 66.0%.

 

 

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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