Daily Markets Broadcast 2019-12-23

Daily Markets Broadcast

2019-12-23

Wall Street holds near record levels

US indices posted small incremental gains on Friday as the markets head into the holiday week. UK shares touch a five-month high as Boris Johnson prepares his accelerated Brexit bill. China reportedly to start shaving import tariffs from the start of next year.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index looks set to rise for a tenth straight day, the first time it has done so since July 2017
  • The index hit a new record high on Friday, pulling the 55-day moving average, which has supported prices since October 10, to 27,545
  • US durable goods orders probably rose 1.9% in November, according to the latest survey of economists. New home sales data for the same month are also due and are expected to decline 0.8% m/m.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index looks poised to climb for a third day ahead of the holidays
  • The 55-day moving average has advanced to 13,018 and has also supported prices since October 10
  • German consumer confidence, as measured by Gfk, came in slightly below forecast in January, slipping to 9.6 from 9.7. The are no major data releases scheduled for today.

 

CN50USD Daily Chart

Source: OANDA fxTrade

  • The China50 index closed little changed on Friday and is hovering just below the six-week high struck last week
  • The 55-day moving average is at 13,955 and has supported prices for almost two weeks
  • US President Trump said he had “a very good talk” with President Xi of China about the “giant” trade deal. He added that China had already begun large scale purchases of agricultural products and more. Meanwhile XinHua News has reported that China is to adjust import tariffs for some 850 products starting January 1.

 

**  The Daily Market Broadcast will pause from 24 December 2019 and resume on 6 January 2020.

** Merry Christmas and a Happy New Year to all !!  **

 

 

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.