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Daily Markets Broadcast 2019-08-13

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Daily Markets Broadcast

2019-08-13

Wall Street drops on trade, recession fears

US indices fell for a second consecutive day yesterday, constantly pressured by the threat of prolonged US-China trade talks and the implications for global growth. Singapore’s second quarter growth was revised slightly higher but missed forecasts.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index fell the most in five days yesterday amid heightened recession concerns
  • The index remains trapped between the 55-day moving average at 26,469 and the 200-day moving average at 25,579
  • US consumer prices probably rose 0.3% m/m in July, the latest survey of analysts shows. That’s an acceleration from June’s 0.1% print. An above-forecast reading would question the Fed’s expected easing cycle.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index fell for a second straight day yesterday, pressured by Wall Street’s direction and the cloud of an uncertain Brexit
  • The index is flirting with the 200-day moving average at 11,658
  • German CPI is seen unchanged at +0.5% m/m and +1.7% y/y in July, the latest poll of economists shows.

 

SG30SGD Daily Chart

Source: OANDA fxTrade

  • The Singapore30 index fell for a second straight day yesterday and could fall further this morning following the worse-than-expected revision to second quarter growth
  • The index could test last week’s low, which in turn was the lowest since June 11
  • The Singapore economy contracted 3.3% q/q in the second quarter, the latest revision to growth data indicated. That’s an improvement from the first estimate of -3.4% but much worse than the -2.9% that had been expected.

 

 

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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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