Daily Markets Broadcast 2018-12-05

Daily Markets Broadcast


Wall Street reverses direction

US indices gave back the G-20 gains, and more, yesterday as a partial inversion of the US yield curve raised the specter of a US recession in the future. News that the US administration is considering a higher postal rate for a major online retailer exacerbated the decline. Australia’s Q3 GDP growth missed estimates.


US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index fell the most in 6-1/2 weeks yesterday amid concerns about the G-20 deal, the US yield curve and the threat of more tariffs, this time domestically
  • The index is pivoting around the 200-day moving average, which is at 25,090 today
  • Fed’s Quarles (neutral, voter) is due to speak today and the Fed releases its Beige Book. Some exchanges may have limited trading hours today in observance of George H.W. Bush.


DE30EUR Weekly Chart

Source: OANDA fxTrade

  • The Germany30 index fell to its lowest in nearly two weeks echoing the mood on Wall Street. Confusing headlines on Italy’s budget added to the pressure
  • The index remains capped by the 200-week moving average at 11,513 so far this week
  • Germany’s Markit services PMI for November is due today and is expected to hold steady at 53.3. ECB’s Draghi is also scheduled to speak.


AU200AUD Weekly Chart

Source: OANDA fxTrade

  • The Australia200 index is falling for a second straight day after Q3 GDP came in below forecast
  • The 200-week moving average at 5,645 is currently being tested. Last month’s low is at 5,597
  • Australia registered growth of +0.3% q/q, 2.8% y/y versus forecasts of 0.6% and 3.1% respectively. Note: RBA did not mention growth at all in its post-rate meeting statement yesterday.



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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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