Daily Markets Broadcast 2019-12-19

Daily Markets Broadcast

2019-12-19

Equities drift at record levels

US indices closed little changed yesterday, holding at or near record highs. The impeachment debate is currently on in Washington. Australia’s jobs data for November beat estimates.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index advanced for a seventh day yesterday, hitting new record highs in the process
  • The 55-day moving average, which has supported prices since October 10, has risen to 27,470 while trendline support is around the 27,200 level
  • US existing home sales are expected to fall 0.2% month-on-month in November, according to the latest survey of economists.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index fell for a second consecutive day yesterday despite some improvement in the German IFO surveys for December
  • The 55-day moving average has advanced to 12,973 and has also supported prices since October 10
  • The expectations index in the German IFO survey for December jumped to 93.8, more than the 93.0 economists had been expecting. The current assessment and business climate indices also came in better than expected. There are no major data releases scheduled for today.

 

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • West Texas Intermediate rose to levels not seen since September 17 yesterday as weekly stockpiles data showed a reduction in reserves
  • WTI closed above the 78.6% Fibonacci retracement of the September 16 to October 3 drop at $60.744 for the first time in three months
  • Stockpiles data to December 13 from the Energy Information Administration (EIA) showed a drawdown of 1.08 million barrels compared with an increase of 0.82 million barrels the previous week.

 

 

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.