Daily Markets Broadcast 2019-04-15

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Daily Markets Broadcast

2019-04-15

Wall Street closes off another winning week

US indices completed another positive week with strong bank earnings lifting the SPX500. Encouraging data and M&A rumours helped sentiment while global finance chiefs at the IMF meeting were confident that the world economy will rebound.

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index rose for a second straight week last week, hitting the high for the week on Friday

  • The next possible resistance point could be October’s high of 26,960. The rising 55-day moving average is at 25,737

  • The NY Empire State manufacturing index is expected to rebound to 6.0 in April from 3.7 in March.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index extended its recent rally to three weeks last week, rising to the highest since October 8 on Friday, as it tracked gains in Asia

  • The index is still holding below the 61.8% Fibonacci retracement level of the May-December drop at 12,089

  • There are no economic data from either Germany or the Euro-zone scheduled for today. ECB policymakers were said to be leaning towards offering negative rates on targeted loans to banks that achieve lending targets.

CN50USD Weekly Chart

Source: OANDA fxTrade

  • The CN50 index rebounded off 1-1/2 week lows on Friday after new loans data for March came in well above expectations, implying that stimulus measures are filtering through to the Chinese economy and hopefully supporting it

  • The rebound was not enough to bring the index into positive territory for the week as it suffered the first down-week in three weeks. The 78.6% Fibonacci retracement of the 2018 drop is at 13,917

  • New loans hit 1.69 trillion yuan ($252 billion) in March, higher than the 1.2 trillion expected. Today we see Foreign Direct Investment data for March, which rose 5.5% y/y last month.

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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