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Wall Street slides on disappointing corporate earnings
Wall Street indices were under pressure for most of Monday’s session as a few bellwether heavyweights announced disappointing results. UK shares closed under pressure ahead of today’s parliamentary Brexit deal vote.
US30USD Daily Chart
Nvidia and Caterpillar were among the disappointing news bearers yesterday, pressuring stocks at the start of the week
The index is holding above the 55-day moving average at 24,238. The convergence of the 100- and 200-day moving averages at 24,965 and 24,972, respectively, caps for now. The 100-day average moved below the 200-day for the first time since August 17
White House economic adviser Kudlow still thinks economy is very strong; says GDP report will likely be out next week (delayed due to shutdown). Trump’s State of the Union address is confirmed for February 5.
DE30EUR Daily Chart
The Germany30 index edged lower yesterday, snapping a three-day winning streak, after ECB’s Draghi commented that recent data had been weaker than expected
The index is sandwiched between 55-day moving average support at 11,046 and 100-day moving average resistance at 11,415
Euro-zone M3 money supply rose 4.1% y/y in December, more than expected, according to data released yesterday.
UK100GBP Daily Chart
The UK100 index dropped to its lowest in 3-1/2 weeks yesterday amid uncertainty surrounding today’s parliamentary Brexit deal vote
The index is holding above the 61.8% Fibonacci retracement level of the December 27 to January 11 advance at 6,717.5
UK Parliament debates and votes on PM May’s Brexit Plan B later today. A govt spokesman said that the UK will be leaving the EU on March 29; is committed to leaving with a deal. A “no deal” result could hurt the index.
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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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