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Daily Markets Broadcast 2019-07-31

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Daily Markets Broadcast

2019-07-31

Wall Street dips on Trump’s talk tweets
US indices fell but pared deeper losses into the close yesterday after US President Trump tweeted that China was not following through on commitments to buy more US agricultural products, just as the trade talks got underway in Shanghai after a three month hiatus. Brexit concerns are heightened after Boris Johnson’s tough stance on a Brexit deal. China’s PMI data and the Fed rate meeting are due today.
US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index snapped a two-day rising streak yesterday but recovered from three-day lows to close only slightly in the red
  • The 55-day moving average at 26,408 continues to accelerate away from the 100-day moving average at 26,264
  • The US FOMC meets later today and is widely expected to announce a 25bps cut to the benchmark rate (early Thursday, Singapore time). More interesting will be any forward guidance on the future path of rates and adjustments to the policy statement. Buckle up, it’s likely to be volatile.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index slumped the most in eight months amid Brexit concerns as the new British PM appears to be taking a hardline stance on any Brexit deal
  • The index is testing support at the 100-day moving average at 12,093, which has supported prices on a closing basis since February 14
  • German retail sales probably rose 0.5% m/m in June, according to the latest survey of economists. That almost covers May’s 0.6% decline and would be the strongest growth rate in four months.

 

CN50USD Daily Chart

Source: OANDA fxTrade

  • The ChinaA50 index snapped a five-day rising streak yesterday as trade negotiations between the US and China got underway again
  • The 55-day moving average at 13,245 is poised to cross above the 100-day moving average at 13,253 for the first time in nearly three weeks
  • China’s manufacturing PMI is expected to edge higher to 49.6 in July from 49.4 the previous month, according to recent surveys. That would be the third month in a row it has stayed below the 50 expansion/contraction threshold.

 

 

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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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