Daily Markets Broadcast 2019-02-12

News

Daily Markets Broadcast

2019-02-12

Wall Street mixed as investors eye trade talks

It was a mixed, lacklustre trading session on Wall Street yesterday, with investors waiting for clues on trade talks and the potential second US government shutdown.

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index fell for a fourth consecutive day yesterday, but lacked any true direction as ranges were tight and volumes low
  • The index has held above the 100-day moving average at 24,854
  • Data releases today are only second-tier ones again, though we have speeches from Fed’s Powell, George and Mester on tap.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index snapped a three-day losing streak yesterday on stronger corporate results
  • The index held above the 50% retracement level of the run-up which lasted from December 27 to February 5, which is at 10,835
  • ECB’s Guindos said he sees core inflation accelerating in the medium term, implying there is no further downward shift in the ECB’s policy stance. He reiterated that the ECB will be prudent in setting monetary policy.

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • WTI fell more than 1% yesterday, but recovered into the close, as OPEC output curbs overcame doubts about the looming trade talks
  • WTI is holding above the 55-day moving average at $50.856, as it has since January 17 on a closing basis
  • Later today API releases weekly crude oil inventory data. The data has shown an increase in oil stockpiles for three consecutive weeks.

This article 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 Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Andrew Robinson

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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