Daily Markets Broadcast 2020-02-18

Daily Markets Broadcast

2020-02-18

US indices open lower after holiday

US indices slid this morning as investors assessed whether China’s stimulus efforts will be enough to counter the CoVid-19 threat. Oil prices rise further.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index was steady yesterday in holiday-thinned trade, but has opened weaker this morning
  • The 55-day moving average has risen to at 28,709 while the 100-day moving average is at 28,037
  • The NY Empire State manufacturing index probably rose to 5.0 from 4.8 this month, the latest survey shows. That would be the highest reading since May last year.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index looks set to snap a two-day rising streak today after it opened weaker following Wall Street’s cue
  • The index remains above the 55-day moving average at 13,352 while the 100-day average provides longer-term support below at 13,091
  • The February ZEW surveys for both Germany and the Euro-zone are due today, with Germany’s economic sentiment index expected to fall to 21.5 from 26.7 while the Euro-zone’s is seen improving to 30.0 from 25.6.

 

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • West Texas Intermediate (WTI) hit the highest level this month yesterday on hopes that the CoVid-19 news will start to improve
  • Oil prices are rising toward the 23.6% Fibonacci retracement of the January-February decline at $53.136
  • Tomorrow the American Petroleum Institute releases its weekly crude oil stockpiles data to February 14. Last week saw a lumpy increase in inventories 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.