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Daily Markets Broadcast 2019-08-27

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Daily Markets Broadcast

2019-08-27

Wall Street rebounds as trade pendulum swings to positive

US President Trump’s comments that China wants to make a trade deal “very badly” lifted risk sentiment yesterday, reversing early losses in the Asian session.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index rebounded from 11-day lows to finish in the black yesterday
  • The index managed to rise back above the 200-day moving average at 25,597
  • Today’s data slate is mostly second-tier, with June’s house price index and the Richmond Fed manufacturing index for August.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index also rebounded from the lowest level since August 16 on the better outlook for trade talks
  • The index is hovering around the 200-day moving average at 11,666
  • The first revision to Q2 German GDP is due today. Analysts are not expecting any change to the first reading of -0.1% q/q and 0% y/y.

 

CN50USD Daily Chart

Source: OANDA fxTrade

  • The China 50 index snapped a two-day losing streak yesterday following the sharp turnaround in risk appetite
  • The index held above the 100-day moving average at 13,289, which has supported prices since August 19
  • The main focus for China data this week will be the manufacturing PMI numbers for August. Economists are expecting a slight weakening to 49.6 from 49.7.

 

 

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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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