Daily Markets Broadcast 2019-07-12

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Daily Markets Broadcast

2019-07-12

Wall Street attempts new record highs

It was a mixed performance by US indices yesterday. The US30 index hit a new record high but both the SPX500 and the NAS100 failed to advance beyond Wednesday’s highs. German shares under-performed amid profit warnings. China trade data are due today.

US30USD Daily Chart

Source” OANDA fxTrade

  • The US30 index rose the most in three weeks yesterday, climbing above the 27,000 mark for the first time, and early moves this morning have taken the index even higher
  • The 100-day moving average at 26,081 is edging closer to the 55-day average at 26,131
  • US inflation rose more than expected in June, which questioned the validity of a Fed rate cut this month. Today we see producer prices for the same month, while Fed’s Evans is scheduled to speak.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index fell for a sixth straight day yesterday, the longest losing streak since October last year, as the cloud of Deutsche Bank hit sentiment and more companies issued profit warnings
  • The index touched the lowest in two weeks, edging toward the 55-day moving average at 12,202
  • German consumer prices were unchanged from the initial reading in June, but the harmonized indices were revised higher. Wholesale prices are expected to rise 0.2% m/m and 1.3% y/y in June, surveys show.

CN50USD Daily Chart

Source: OANDA fxTrade

  • The China50 index slid to the lowest level in two weeks yesterday amid a lack of news in the US-China trade talks. Trump accused China of not complying with an agreement to increase its purchases of US agricultural products. China has no documentation of that agreement
  • The 55-day moving average at 13,140 looks poised to move below the 100-day moving average at 13,130. That would be the first time since February 26
  • China’s trade data for June are due at 1000hrs Singapore time. Exports are seen down 2.0% y/y, imports down 4.5% y/y resulting in a widening of the trade surplus to $44.7 billion. New loans for July could be released today. The are expected to increase by 1.7 trillion yuan.

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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