Daily Markets Broadcast 2020-02-07

Daily Markets Broadcast


Wall Street powers higher on earnings, virus hopes

US indices hit fresh highs yesterday as corporate earnings came in strong and hopes still exist that the coronavirus is being contained. China reports trade data for January while the US nonfarm payroll release is due today.


US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index advanced for a fourth day yesterday, reaching a fresh all-time high
  • The 55-day moving average has risen to at 28,537 while the 100-day moving average is at 27,867
  • The US economy probably added 160,000 jobs in January, according to the latest survey of economists, an increase from December’s 145,000. Unemployment is seen unchanged at 3.5%.


DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index climbed for a fourth consecutive day yesterday, but fell short of overcoming the January 22 high at 13,645
  • The index is above the 55-day moving average at 13,290 while the 100-day provides longer-term support below at 12,999
  • German industrial production data is expected to show a 0.2% m/m decline in December, down from November’s 1.1% gain.


CN50USD Daily Chart

Source: OANDA fxTrade

  • The China50 index snapped a two-day winning streak yesterday and looks poised to extend the negative mood into today
  • The index reached the highest in 10 days yesterday but stopped short of the 200-day moving average at 13,595
  • China’s exports are expected to fall 4.8% y/y in Lunar New year-affected data. Imports are seen falling 6.0% y/y resulting in a narrowing of the trade surplus to $38.64 billion from $47.21 billion.



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)