Daily Markets Broadcast 2019-11-29

Daily Markets Broadcast

2019-11-29

US equity futures drift lower

Wall Street cash markets were closed yesterday so it was left to futures markets to drift lower from record highs in lacklustre, holiday-thinned trade.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index closed lower for the first time in five days yesterday amid profit-taking and month-end hedging
  • The 55-day moving average has risen to 27,177, edging higher toward possible trendline support around the 27,240 level
  • There are no major data releases scheduled for today. Analysts will be poised to hear what retailers have to say about Black Friday sales.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index was left range-bound for a second day yesterday in slow trading
  • The 55-day moving average has risen to 12,750. The 23.6% Fibonacci retracement of the rally from October 3 to November 12 is at 12,960
  • The provisional reading for Euro-zone consumer prices is expected to show an uptick to +0.9% y/y in November, according to the latest survey of economists. ECB’s De Guindos is scheduled to speak today.

 

CN50USD Daily Chart

Source: OANDA fxTrade

  • The China50 index posted the biggest drop of the week yesterday after US President Trump signed the HK Democracy Bill into law, raising fears that the Phase 1 trade deal may be in jeopardy
  • The index is testing the 100-day moving average at 13,688, which has only been breached once since August 16 on a closing basis
  • China releases its PMI data for November tomorrow. The manufacturing sector PMI is seen rebounding slightly to 49.5 from 49.3 while the service sector PMI is expected to improve to 53.6 from 52.8.

 

 

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

Latest posts by Andrew Robinson (see all)