Daily Markets Broadcast 2019-08-07

Daily Markets Broadcast


Wall Street rebounds on soothing words

The White House put a positive spin on the state of US-China trade relations and the Peoples Bank of China reassured companies that the yuan would not continue to weaken. Both of these events helped US indices rebound from intra-day lows to close in the black yesterday. Both the Reserve Bank of New Zealand and the Reserve Bank of India are expected to cut rates today.


US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index started yesterday’s session weakly, but bounced off two-month lows after The White House comments. It was the first up day in six days
  • The index regained the 200-day moving average at 25,554 and is now sandwiched between that and the 100-day moving average at 26,270
  • White House adviser Kudlow said plans are still going ahead for the Chinese trade delegation to come to Washington in September. There are no major data releases scheduled for today.


DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index snapped a three-day losing streak yesterday, but not before it had slumped to a more than four month low
  • The index is still below the 200-day moving average at 11,649 and has closed below it for the past two sessions
  • German factory orders rebounded strongly in June, rising 2.5% m/m, well above the +0.5% expected. This could bode well for today’s industrial production data, which is expected to show a 0.4% m/m decline in the same month.


WTICOUSD Daily Chart

Source: OANDA fxTrade


  • West Texas Intermediate slid to the lowest level in eight weeks in early trading this morning, constantly pressured by the demand outlook amid an escalating trade war between the US and China
  • WTI is approaching the 78.6% Fibonacci retracement of the June-July rally at $52.75
  • The weekly EIA crude stockpiles data to August 2 is expected to show a drawdown of 3.3 million barrels, the latest survey of analysts suggests. That would be the eighth weekly drawdown in a row and could give mild support to oil prices.



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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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