Daily Markets Broadcast 2019-04-29

Daily Markets Broadcast


Wall Street rebounds on strong GDP print

A strong, above-forecast print for Q1 GDP helped US indices advance on Friday. European bourses found support after Fitch maintained Italy’s sovereign rating while oil prices fell after Trump said he’d asked OPEC to increase supply. Japanese markets are closed all week, so volumes in Asia could be lower.


US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index snapped a two-day losing streak on Friday after data showed the US economy grew 3.2% y/y, hugely beating forecasts of a dip to 2.0% from 2.2% in Q4
  • Rising 55-day moving average support is at 25,964 today. Resistance points may be found at this month’s high of 26,666 and the October high of 26,939
  • US personal income is seen rising 0.4% m/m in March, accelerating from February’s +0.2%


DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index rebounded on Friday, encouraged by moves on Wall Street and Fitch’s move to maintain Italy’s sovereign rating at BBB, but with a negative outlook
  • The index is hovering near seven-month highs and the 55-day moving average looks poised to cross above the 200-day moving average later this week. This may be interpreted as a longer-term bullish signal
  • There is a slew of Euro-zone confidence indicators scheduled today. The one likely having the most impact could be consumer confidence, which is seen steady at -7.9 in April.


WTICOUSD Daily Chart


Source: OANDA fxTrade

  • WTI posted the biggest one-day drop this year on Friday as weekly data showed a huge inventory build, heightening concerns about slack demand. US President Trump said he’d asked OPEC to reduce prices
  • The 200-day moving average is at $60.84 today, and has supported prices on a closing basis since April 1
  • API weekly crude stocks to April 26 are due tomorrow after showing the biggest weekly addition to stockpiles in seven weeks last week.



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)