Daily Markets Broadcast 2020-02-11

Daily Markets Broadcast

2020-02-11

Wall Street overcomes virus threat

US indices soared to record highs yesterday, ignoring the rising coronavirus cases and death toll. There’s a public holiday in Japan today.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index recovered from a lower open to close higher amid hopes the containment measures for the coronavirus are having an impact
  • The 55-day moving average has risen to at 28,587 while the 100-day moving average is at 27,911
  • There are no major data releases scheduled for today but Fed Chairman Powell testifies in his semi-annual meeting. No doubt the drag effect of the coronavirus will be mentioned, even though the US economy appears to be firing on all cylinders.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index looks set to advance for a second consecutive day today and is nearing the January 22 high
  • The index remains above the 55-day moving average at 13,301 while the 100-day provides longer-term support below at 13,022
  • The are no major data releases for both Germany and the Euro-zone today. The European Commission is due to release its economic forecasts for the region.

 

CN50USD Daily Chart

Source: OANDA fxTrade

  • The China50 index has opened marginally higher this morning, building on yesterday’s gains as the industrial sector returned to work after an extended Lunar New Year break
  • The index is approaching the 200-day moving average at 13,592
  • China’s new loans data for January are due any time, with expectations of a total of three trillion yuan. That’s an increase from December’s 1.14 trillion yuan.

 

 

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.