Daily Markets Broadcast 2019-09-12

News

Daily Markets Broadcast

2019-09-12

Markets lifted by tariff delay

Reports that US President Trump is to delay the latest increase on tariffs on Chinese goods to October 15 from October 1 boosted sentiment across equity markets. Oil prices slid as Trump is said to have considered easing sanctions on Iran.

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index looks poised to extend the current rally to a seventh day today amid better risk appetite for stocks
  • The index has touched the highest since July 25 in early trading this morning. The 55-day moving average has risen to 26,581
  • US consumer prices are expected to rise 0.1% m/m in August, a slower pace than the +0.3% recorded in July, which might give the Federal Reserve more leeway in its easing plans.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index could be heading for its seventh consecutive daily gain today, given the positive mood across other markets and an expected easing announcement from the ECB today
  • The index hit the highest level since July 30 yesterday, and could be lifted to a seven week high today
  • The European Central Bank is expected to announce some form of easing at today’s rate meeting and is also seen trimming growth projections for 2019 and 2020.

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • WTI crude oil prices fell the most in six weeks yesterday amid reports that US President Trump had considered easing some sanctions on Iran
  • Prices closed below the 200-day moving average at $56.18 for the first time in a week. The 55-week moving average at $58.45 has capped prices on a closing basis since May, and appears to be strong resistance for now
  • Weekly US crude oil stockpiles data to September 6 were released yesterday and showed a drawdown of 6.9 million barrels. That was the fourth decrease in a row.

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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