Daily Markets Broadcast 2019-11-27

Daily Markets Broadcast

2019-11-27

Wall Street creeps to record levels

News that top negotiators had been in phone contact and were close to sealing the Phase 1 trade deal lifted US indices marginally to fresh record highs. UK Conservative Party lead narrows in latest polls. RBA’s Lowe rules out QE for now.

US30USD Daily Chart

Source: OANDA fxTrade

• The US30 index advanced for a third straight day yesterday, reaching a fresh record high. It has opened flat this morning
• The 55-day moving average has risen to 27,144 while trendline support could be found near the 27,240 level
• The US economy is expected to maintain its expansion rate of 1.9% annualized in Q3, the latest survey of economists shows. Other data releases today include personal income/spending and durable goods orders for October along with pending home sales.

DE30EUR Daily Chart

Source: OANDA fxTrade

• The Germany30 index closed lower yesterday for the first time in four days but has rebounded in early trading this morning
• The 55-day moving average has risen to 12,719. The 23.6% Fibonacci retracement of the rally from October 3 to November 12 is at 12,960
• There’s not much on the data slate today apart from German import prices for October (expected down 0.2% m/m) and a speech from ECB’s Lane.

XAU/USD Daily Chart

Source: OANDA fxTrade

• Gold prices have been under pressure recently as we (hopefully) near the conclusion of a Phase 1 US-China trade deal. Gold rose yesterday for the first time in five days as the US dollar weakened
• Gold has been trading within a downtrend channel since September 4. The 100-day moving average is at 1,483.96
• The US Treasury confirmed yesterday that a phone call took place between negotiators Lighthizer and Liu He where they reached consensus on solving issues in the Phase 1 agreement. There has been no confirmation yet from China.

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