Daily Markets Broadcast 2020-01-28

Daily Markets Broadcast


Stocks slump as coronavirus spreads

US indices had a poor start to the week as the virus that originated in Wuhan spreads globally and the number of deaths increase. Safe haven assets see heavy demand, while oil prices drop. Onshore markets in China remain closed for the week.


US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index posted the biggest one-day decline since October as fears surrounding the economic impact of the Wuhan virus heighten
  • The 55-day moving average, which has supported prices since October 10, is at 27,374
  • US durable goods orders probably rose 0.5% in December, according to the latest survey of economists. That follows November’s dismal 2.1% decline.


DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 fell the most since October 2 as stocks were shunned in favour of safe haven assets amid escalating concerns about the spread of the coronavirus
  • The index closed below the 55-day moving average for the first time since October 8, touching the lowest since January 8 in the process
  • There are no major data releases from either Germany or the Euro-zone today. The only item on the calendar is a speech from ECB’s Lane.


WTICOUSD Daily Chart

Source: OANDA fxTrade

  • West Texas Intermediate (WTI) fell for a sixth straight day yesterday amid rising concerns that the spreading coronavirus would hurt global growth and hence reduce demand for crude oil
  • That’s the second time this month WTI has fallen six consecutive days which has seen prices fall almost 20% from the January peak
  • Weekly stockpiles data from the American Petroleum Institute to January 24 are due today. Last week saw an increase of inventories by 1.6 million barrels.



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.
Andrew Robinson

Latest posts by Andrew Robinson (see all)