Daily Markets Broadcast 2020-01-14

Daily Markets Broadcast

2020-01-14

Wall Street advances ahead of trade deal signing

US equities have rebounded strongly from Friday’s sell-off and look set to climb for a second straight day. US drops China’s label as a currency manipulator ahead of tomorrow’s deal sign-off.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index is hovering just below record highs after two days of gains
  • The 55-day moving average, which has supported prices since October 10, has moved up to 28,052
  • US consumer prices probably rose 2.3% y/y in December, according to the latest survey. That’s an acceleration from November’s +2.1%. Fed’s Williams is scheduled to speak.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 touched the highest since January 2018 yesterday before reversing direction and closing lower
  • The index is still above the 55-day moving average at 13,175, which has supported prices on a closing basis since October 8
  • There are no major data releases scheduled for either Germany or the Euro-zone today. ECB’s Mersch is scheduled to speak.

 

CN50USD Daily Chart

Source: OANDA fxTrade

  • The China50 index jumped the most in 11 days yesterday, reaching levels not seen since January 2018, after the US removed China’s label as a currency manipulator.
  • The 55-day moving average is at 14,060 and has supported prices since December 12
  • China’s trade data for December are due today, with exports seen rising 3.2% y/y and imports soaring 9.6% y/y, according to the latest survey of economists. The trade surplus is expected to rise to $48 billion from $37.9 billion in November.

 

 

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.