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Wall Street steady as next trade talks loom
US officials will be in Beijing again Thursday-Friday, hoping to build on the positive vibes from the two meetings in January. China markets reopen after a one week break while Japan markets are closed for a public holiday.
US30USD Daily Chart
The US30 index closed marginally lower on Friday, posting its third consecutive daily loss and recording a weekly decline for the first time in three weeks
The index tested support at the 100-day moving average of 24,888, but this held. It’s at 24,871 today
Talks to avert another US government shutdown broke down at the weekend. The deadline for a resolution is this Friday. There are no major data releases scheduled for today.
DE30EUR Daily Chart
The Germany30 index fell for a third straight day Friday despite positive trade data from Germany. Brexit uncertainty still manifesting itself as the UK Parliament votes again on a new Brexit deal this week
The index closed below the 55-day moving average for the first time since January 23. Support may come at the 50% retracement level of the run-up which lasted from December 27 to February 5, which is at 10,835
Germany’s trade surplus widened to EUR19.4b in December, the highest since May last year, as exports surprisingly rose 1.5% m/m.
CN50USD Daily Chart
China shares trade for the first time in a week after the Lunar New Year break, and are expected to open lower, echoing the move seen in Hong Kong on Friday
The 100-day moving average is at 11,096, which could act as a support level
The issue of trade negotiations will undoubetedly keep China markers nervous in the run-up to the meetings at the end of this week. On the data front, new loans for January are expected to show a jump to 2.8 billion yuan after a 1.08 billion yuan print in December.
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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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