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Wall Street rally stalls on talk of trade deal delay
Wall Street indices closed in the red yesterday following a Bloomberg report that any US-China trade deal would not be concluded this month. PM May won endorsement from politicians to request a Brexit extension from Europe.
US30USD Daily Chart
The US30 index closed lower yesterday, capped by speculation that the proposed Trump-Xi summit to sign off on a trade deal at the end of this month would be postponed
The 200-day moving average is at 25,149 and has remained untested since February 12
The NY Empire state manufacturing index is expected to extend the recent positive run in March, with estimates suggesting a reading of 10 from 8.8 last month.
DE30EUR Daily Chart
The Germany30 index gave back early gains to close lower yesterday
The index is still sandwiched between resistance at the 200-day moving average at 11,795 and rising trendline support near 11,370
Euro-zone consumer prices are seen unchanged at +1.5% y/y in February, echoing the picture painted by Germany’s data yesterday.
CN50USD Daily Chart
China A50 shares closed marginally lower yesterday, and could fall further if the market takes to heart the chance any US-China trade deal will be delayed until April
The 38.2% Fibonacci retracement level of the 2019 rally is at 12,111
Foreign direct investment data for February are due today after rising 4.8% y/y in January.
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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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