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Daily Markets Broadcast 2020-02-25

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Daily Markets Broadcast

2020-02-25

 

Wall Street hit by virus rout

 

US indices slumped dramatically yesterday as the virus spread outside of China continued. Meanwhile, the WHO has confirmed that China’s data on virus cases are genuine as some provinces report a reduction in totals. The organization also said the spread is not a pandemic yet, but has the potential to be one.
US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index fell more than 3% yesterday, the biggest one-day decline since August 5 last year. All gains made so far this year have now been wiped out
  • The index closed below the 100-day moving average at 28,136 for the first time since October 9. The 200-day moving average is at 27,290
  • The US house price index probably rose 0.3% in December, up from +0.2% the previous month. Fed’s Clarida is scheduled to speak late in the day.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 slump continued into a third day yesterday as the number of CoVid-19 cases in Italy spiked
  • The index closed below the 100-day average at 13,138 for the first time this month. The 200-day moving average is at 12,638 and has supported prices since August 29
  • The revisions to Germany’s Q4 GDP growth are due today. Preliminary estimates were 0% q/q and +0.3% y/y.

 

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • West Texas Intermediate (WTI) fell the most since January 8, extending the fall from the recent peak to a third day, amid concerns that the CoVid-19 spread might hurt demand for oil
  • The 55-, 100- and 200-day moving averages are all trending lower at $56.52, $56.27 and $56.24, respectively
  • The American Petroleum Institute (API) releases weekly crude oil stockpiles data to February 21 today. Last week saw in increase in inventories of 4.2 million barrels, the third weekly increase in a row.

 

 

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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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