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Daily Markets Broadcast 2020-01-24

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Daily Markets Broadcast

2020-01-24

Stocks mixed as corona virus causes concerns

US indices started weakly but recovered into the close as the global spread of the corona virus continues. Oil prices hit the lowest in 2-1/2 months.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index hit a 9-day low yesterday amid escalating concerns about the spread of the corona virus
  • The 55-day moving average, which has supported prices since October 10, has moved up to 28,344
  • The Markit flash manufacturing PMI probably rose to 52.5 this month from 52.4 in December, according to the latest survey of economists.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index slid to the lowest level in 10 days yesterday, echoing the weak sentiment on Wall Street
  • The index is above the 55-day moving average at 13,274, which has supported prices on a closing basis since October 8
  • Markit flash PMIs for both Germany and the Euro-zone are due today. January’s readings are expected to come in at 44.5 and 46.8, respectively.

 

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • West Texas Intermediate (WTI) looks set to fall for a fifth straight day today after hitting the lowest level since November 1 yesterday
  • Prices are nearing the 78.6% Fibonacci retracement of the October-January rally at $54.19
  • Weekly stockpiles data from the Energy Information Administration showed a drawdown of 405,000 barrels to January 17, less than the 1.0 million analysts had 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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