Daily Markets Broadcast 2020-01-10

Daily Markets Broadcast

2020-01-10

Wall Street at record highs ahead of payrolls report

US equities have extended the recent rebound and hit record highs earlier this morning. The US payrolls report is expected to show the US economy was still in a good place in December. UK politicians voted in favour of an 11-month Brexit transition period.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index looks set to extend the current rally to a third consecutive day today
  • The 55-day moving average, which has supported prices since October 10, has moved up to 27,980
  • The US economy is expected to have added 164,000 jobs in December, less than November’s stellar 266,000. The unemployment rate is seen steady at 3.5%, a 50-year low.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index has risen to the highest in two years in early trading this morning, lifted by the buoyant mood on Wall Street and better-than-expected German data yesterday
  • The index has rebounded strongly off the 55-day moving average this week, a moving average that has supported prices on a closing basis since October 8
  • Germany’s industrial production rose 1.1% m/m in November, more than the +0.7% economists had expected. There are no major data releases for both Germany and the Euro-zone scheduled for today.

 

CN50USD Daily Chart

Source: OANDA fxTrade

  • The China50 index rallied for a third straight day yesterday, with investors anticipating that the US-China interim trade deal will be signed soon
  • The 55-day moving average has risen to 14,036, and has supported prices since December 12
  • China’s new loans data for December are due and are expected to show a further 1.19 trillion yuan ($172 billion) of loans granted.

 

 

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.