Daily Markets Broadcast 2020-01-17

Daily Markets Broadcast

2020-01-17

Wall Street powers ahead on strong earnings

Another strong Q4 earnings report from the financial sector, this time Morgan Stanley, was the catalyst for Wall Street indices to hit new highs. China’s fourth quarter GDP growth numbers are due today.

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index has hit new highs this morning after another day of upbeat earnings from the financial sector
  • The 55-day moving average, which has supported prices since October 10, has moved up to 28,170
  • US housing starts probably fell 3.8% in December, according to the latest survey. Building permits likewise are expected to drop 1.9%. Industrial production is seen slipping 0.2% m/m.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index snapped a two-day losing streak yesterday and has extended those gains in early trading this morning
  • The index is above the 55-day moving average at 13,221, which has supported prices on a closing basis since October 8
  • The final reading for Euro-zone consumer prices for December is due today and an upward revision to +0.3% m/m from -0.3% at the first estimate is expected.

CN50USD Daily Chart

Source: OANDA fxTrade

  • The China50 index fell for a third straight day yesterday and has opened flat this morning ahead of the GDP release
  • The 55-day moving average has moved up to 14,099 and has supported prices since December 12
  • The Chinese economy is expected to expand 6.0% y/y in the fourth quarter, the same pace as in Q3. Retail sales probably rose 7.8% y/y in December while industrial production is seen increasing 5.9% y/y.

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.