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Daily Markets Broadcast 2019-12-10

Daily Markets Broadcast


Wall Street loses momentum
US indices could not extend Friday’s gains yesterday despite news the US is unlikely to impose the next set of tariffs on December 15, according to the US Agriculture Secretary. UK polls continued to show the Conservative Party on track to win a majority in Thursday’s election.
US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index retreated for the first time in four days as investors took a breather to re-evaluate direction
  • The index remains above the convergence area of the 55-day moving average at 27,270 and trendline support around the 27,205 level
  • US third quarter nonfarm productivity is expected to decline 0.1%, a slower pace than the -0.3% recorded in Q2.

DE30EUR Daily Chart


Source: OANDA fxTrade

  • The Germany30 index gave back all of Friday’s gains yesterday on a lack of fresh inputs and weakness on Wall Street
  • The index is still above the 55-day moving average at 12,840, and has been since October 10
  • ZEW surveys for December for both Germany and the Euro-zone are due today. German economic sentiment is seen rising to zero from -2.1 while the Euro-zone’s reading is expected to deteriorate to -17.0 from -1.0.

UK100GBP Daily Chart


Source: OANDA fxTrade

  • UK shares were steady on Monday after posting the biggest weekly loss in nine weeks last week. A firmer pound prevented more extreme gains as the latest poll showed the Conservatives increasing its lead over Labour by two percentage points
  • The UK100 index has been below the 55-day moving average, which closed at 7,281 yesterday, for a week
  • UK industrial production is seen rising 0.2% m/m in October, a swing from September’s 0.3% contraction. The goods trade deficit probably narrowed to £11.65 billion from £12.54 billion, the latest survey of economists suggests.

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 [6]

Senior Market Analyst at MarketPulse [7]
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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