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Wall Street pressured as shutdown continues
The Senate blocked two rival proposals to end the US government shutdown yesterday, so things stay as they were. US officials said the US and China are “miles apart” from a trade deal, though some progress is being made on the easy, minor issues. Ireland’s DUP is said to privately support May’s Brexit Plan B, which could boost sentiment.
US30USD Daily Chart
The US30 index finished in the red yesterday after a day of volatile swings
The index has held above the 55-day moving average at 24,293 for the past six days
US Secretary of Commerce Wilbur Ross says experiencing a global slowdown. US and China are miles apart and progress would depend on China making further reforms.
DE30EUR Daily Chart
The Germany30 index looks set for the third consecutive daily gain amid hopes for progress in the Brexit situation
Fibonacci support at 11,029, which is 23.6% retracement of the December-January rally, has held this week. The 100-day moving average is at 11,436
ECB kept rates unchanged yesterday, as expected, and said economic outlook has moved to the downside. Germany’s Ministry of Economic Affairs cuts 2019 growth forecast to 1.0% from 1.8% due to global slowdown, Brexit.
UK100GBP Daily Chart
The UK100 index fell for the fourth straight day yesterday, but could stage a recovery today after news emerged that Ireland’s DUP could support May’s Plan B Brexit deal
The index has traded below the 100-day moving average for almost five months. It is at 7,052 today
on UK rates, BOE’s Haldane said yesterday “if the economy continues to tick along, as we expect, then we might expect some further limited and gradual rises.” However, the Bank would remain flexible to the economy’s performance.
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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.
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