Daily Markets Broadcast 2019-03-07

Daily Markets Broadcast


Wall Street slips on wider trade deficit

In an otherwise quiet session, data which showed the US trade deficit widening to levels not seen since 2008 pressured US indices lower yesterday. In contrast, Australia reported a record trade surplus this morning. All eyes will be on the ECB meeting today.


US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index has extended yesterday’s weaker bias in early trading this morning, edging closer to the lowest since February 15
  • Resistance at the November high of 26,249 remains intact. Support may be found at the 200-day moving average at 25,123
  • Q4 data for non-farm productivity and unit labour costs are due today. Costs are seen rising for a second consecutive quarter to 1.6%


DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index declined yesterday ahead of the ECB rate meeting later today. There was some speculation the central bank was anticipating growth rates low enough to consider more targeted loans for banks
  • The index is sandwiched between resistance at the 200-day moving average, which is at 11,832 today, and trendline support around the 11,280 level. The 100-day moving average lies at 11,200
  • The ECB rate meeting will be the centre of attention today, with Draghi’s press conference at 1330GMT highly anticipated to see the ECB’s reaction to the recent spate of weaker economic data.


AU200AUD Daily Chart

Source: OANDA fxTrade

  • The Australia200 index touched a six-month high this morning, shrugging off weaker than expected retail sales data. The index could be benefiting from a shift in the outlook for RBA monetary policy, with markets starting to price in a cut by June
  • The August high of 6,390 could be the next resistance point as the index is comfortably above all the Fibonacci retracement levels of the August-December drop
  • Retail sales rose 0.1% m/m in January, a strong rebound from December’s -0.4%, but below economists’ estimates of a 0.3% gain. The trade surplus widened to a record high in January due to a strong exports performance.



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)