Daily Markets Broadcast 2019-12-09

Daily Markets Broadcast

2019-12-09

Wall Street rallies on strong jobs data

Better-than-expected US non-farm payrolls data lifted US equities on Friday. Indices have started slightly negatively this morning after China’s trade data released at the weekend disappointed.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index rallied for a third straight day Friday after the US economy added more jobs than forecast
  • The index remains above the convergence area of the 55-day moving average at 27,253 and trendline support around the 27,205 level
  • US non-farm payrolls rose by a whopping 266,000 in November, much more than the 180,000 expected. The unemployment rate unexpectedly dipped to 3.5%. There are no major US data releases scheduled for today.

 

DE30EUR Daily Trade

Source: OANDA fxTrade

  • The Germany30 index rose on Friday, following Wall Street’s lead
  • The index is holding the rebound from the 23.6% Fibonacci retracement of the October 3 to November 19 rally at 13,012. The 55-day moving average has risen to 12,826
  • German trade data today is expected to show a barely changed surplus of €19.0 billion in October from €19.2 billion in September. Exports and imports are seen falling 0.3% and 0.1%, respectively.

 

CN50USD Daily Chart

Source: OANDA fxTrade

  • China shares rose for a fourth day on Friday with the CN50 index hitting a one week high. Today could be less positive after weekend trade data came in below forecast
  • The China50 index tested the 55-day moving average at 13,857, which has capped prices on a closing basis since November 20
  • China’s exports fell 1.1% y/y in November, the fourth month of negative growth in a row, and is testimony of the impact the 18-month trade war is having on the export part of the economy. Imports rose 0.3% y/y, better than the -1.8% expected, so the trade surplus narrowed to $37.7 billion.

 

 

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.