Daily Markets Broadcast 2020-02-04

Daily Markets Broadcast

2020-02-04

Wall Street edges higher on containment hopes

Investors focused on the global measures put in place to control the spread of the coronavirus, pushing US indices slightly higher yesterday. That may change as the number of confirmed cases has hit the 20,000 mark. The RBA is widely expected to leave rates unchanged at today’s policy meeting.

US30USD Daily Chart

Source: OANDA fxTrade

• The US30 eked out small gains yesterday but only managed to recoup a small part of Friday’s hefty losses
• The index closed on the 55-day moving average 28,442 while the 100-day moving average sits below at 27,796
• US factory orders probably rose 1.1% m/m in December, according to the latest survey of economists, a strong rebound from November’s -0.7%.

DE30EUR Daily Chart

Source: OANDA fxTrade

• The Germany30 index rose modestly yesterday after manufacturing PMI readings suggested stability is returning to the region
• The index regained the 100-day moving average at 12,964, closing at 13,028. The 200-day moving average is at 12,536
• Germany’s Markit manufacturing PMI rose to 45.3 in January, better than estimates of a 45.2 print. The Euro-zone number rose to 47.9. There are no major economic releases scheduled today for both Germany and the Euro-zone.

WTICOUSD Daily Chart

Source: OANDA fxTrade

• Crude oil prices continue to be crushed by global growth fears stemming from the spread of the Wuhan virus
• West Texas Intermediate (WTI) touched the lowest in more than a year in early trading this morning but has managed a slight rebound from the low. The 200-day moving average is at $57.03
• The American Petroleum Institute (API) releases weekly stockpiles data to January 31 today. Last week saw a drawdown of 4.27 million barrels.

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.