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Daily Markets Broadcast 2019-07-22

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Daily Markets Broadcast

2019-07-22

Wall Street falls as Fed hopes dialed back

US indices gave back early gains to close in the red on Friday after Fed’s Bullard dented hopes of a 50bps rate cut next week. Weekend protest in Hong Kong turned violent again, which could hurt Hong Kong and China shares. Tensions remain high in the Gulf.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index slumped to the lowest close in more than a week on Friday, despite upbeat earnings from Microsoft
  • The 100-day moving average at 26,155 and the 55-day average at 26,222 continue to track each other higher
  • St. Louis Fed President James Bullard said a 50-basis-point cut would be overdone and may cause markets to sell off. There are no US data releases scheduled for today.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index fell for a third straight day on Friday amid rising speculation that Italy may be headed for early elections
  • The index is hovering above the 55-day moving average at 12,197, which has supported prices on a closing basis since June 3
  • Germany’s producer prices fell more than expected in June, declining 0.4% m/m versus a forecast of -0.2%. That was the weakest reading in six months. There are no major data releases from either Germany or the Euro-zone today.

 

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • Crude oil prices snapped a five-day losing streak on Friday after news emerged that Iran had seized a British oil tanker in the Straits of Hormuz, heightening geopolitical tensions in the region
  • WTI is extending the rebound from one-month lows to a second day in early trading this morning. Prices are rising toward the 200-day moving average at $57.27
  • The American Petroleum Institute releases crude oil stockpiles data as at July 19 tomorrow. Last week saw a drawdown of 1.4 million barrels from inventories.

 

 

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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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