Daily Markets Broadcast 2020-02-12

Daily Markets Broadcast


Wall Street hovers near record levels

US indices had a steady session yesterday after Fed Chairman Powell said the US economy appeared to be quite resilient, though the impact of the coronavirus would be monitored closely. The UK narrowly avoided recession in Q4 while the Reserve Bank of New Zealand held rates, as expected, but revised its forward path for rates higher.


US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index was little change at yesterday’s close and has opened flat this morning
  • The 55-day moving average has risen to at 28,610 while the 100-day moving average is at 27,934
  • There are no major data releases scheduled for today but Fed Chairman Powell faces day two of his semi-annual testimony. Yesterday he said as long as incoming information about the economy remains broadly consistent with the current outlook, the monetary policy stance will likely remain appropriate.


DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index hit a record high yesterday from records going back to 2003, boosted by the sentiment on Wall Street
  • The index remains above the 55-day moving average at 13,311 while the 100-day provides longer-term support below at 13,035
  • Euro-zone industrial production probably fell 1.6% m/m in December, according to the latest survey of economists, negating the 0.2% expansion seen in November. ECB’s Lane is scheduled to speak today.


WTICOUSD Daily Chart

Source: OANDA fxTrade

  • West Texas Intermediate (WTI) is clinging onto the $50 per barrel handle amid a lack of announcements from OPEC and its allies about additional production cuts when faced with the coronavirus threat
  • WTI has opened slightly higher this morning, facing its second up-day in a row
  • The Energy Information Administration (EIA) releases its weekly stockpiles data to February 7 today. Analysts anticipate an addition of 2.93 million barrels following on from last week’s 3.36 million barrels. The API data earlier in the week showed an increase of six 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

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