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Daily Markets Broadcast 2019-11-05

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Daily Markets Broadcast

2019-11-05

Wall Street extends gains on trade hopes

On an otherwise slow data and news day, continued hopes of some form of US-China trade deal was the driver that pushed Wall Street higher yesterday. The RBA is expected to hold rates at today’s meeting.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index looks set to advance for a third straight day today, already pushing through yesterday’s high in early trading
  • The index has reached a record high this morning. The 55-day moving average has risen to 26,715
  • Today we see the US service sector PMIs for October. The ISM version is expected to improve to 53.4 from 52.6 while the final Markit reading is due following a provisional estimate of 51.0.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index jumped the most in three weeks yesterday on continued optimism on the trade front
  • The index touched the highest since June 2018 with the 55-day moving average advancing to 12,319
  • Euro-zone producer prices is the only data event scheduled for today. They are expected to rise 0.1% m/m in September, a sharp turnaround from August’s -0.5% print.

 

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • West Texas Intermediate (WTI) advanced for a second day yesterday, reaching the highest since September 24 as trade optimism boosted the demand outlook
  • WTI tested, but failed to close above, the 200-day moving average at $57.19. That moving average has capped prices on a closing basis since September 26. The 50% retracement level of the September-October drop is at $57.22
  • Weekly stockpiles data to November 1 from the American Petroleum Institute are due today. Last week saw an increase in 592,000 barrels.

 

 

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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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