Daily Markets Broadcast 2018-12-04

Daily Markets Broadcast


Wall Street’s G-20 rally stalls

US indices closed higher yesterday, but well of the intra-day peaks. White House economic adviser Kudlow clarified that the 90-day truce starts on January 1. RBA is expected to keep rates at record lows at today’s meeting.

US30USD Daily Chart

Source: OANDA fxTrade

  • Upside momentum in the US30 index waned as the day progressed yesterday. US futures are in the red this morning, possibly the first down-day in seven days
  • The index remains above the 100- and 55-day moving averages at 25,615 and at 25,582, respectively
  • Sentiment indicators populate the data calendar today in the form of the ISM-NY business conditions index and the IBD/TIPP economic optimism index. FOMC member Williams is also scheduled to speak.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index rose for the first time in three days yesterday amid better sentiment on Wall Street and better news on the Italian budget situation
  • The index reached its highest level in three weeks. The 55-day moving average at 11,659 still acts as the first possible resistance point
  • Reports suggest Italy is preparing to accept new lower budget deficit targets in the range of 1.9-2.0%. European PMIs were mixed yesterday. Notably, Italy’s fell to a near 4-year low.

AU200AUD Daily Chart

Source: OANDA fxTrade

  • The Australia200 index looks set to advance for a second day ahead of the Reserve Bank of Australia’s rate meeting later today
  • The 61.8% Fibonacci retracement of the November 12-21 drop is at 5,816. The 55-day moving average is at 5,887
  • RBA is expected to keep rates at record lows at today’s meeting. The accompanying statement will be scrutinized for any change in tone or language from prior ones.

Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

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)