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Wall Street rebounds on earnings
US indices rallied yesterday with some better-than-expected earnings driving the move. The US30 index hit six-month highs while the NAS100 index came within a whisker of its record high. China’s Q1 GDP growth data are due today which will determine near-term direction.
US30USD Daily Chart
The US30 index touched the highest since October 9 yesterday, as strength in the financial sector overcame weakness in the healthcare sector
The rising 55-day moving average support is at 25,795 today
The US trade deficit is seen widening to $53.7 billion in February from $51.1 billion the previous month.
DE30EUR Daily Chart
The Germany30 index extended its recent gains to a fifth day yesterday and early trading this morning has seen it climbing further
The index touched the highest since October 8 yesterday and is testing the 61.8% Fibonacci retracement level of the May-December drop at 12,089
Euro-zone consumer prices are seen spiking 1.0% higher from a month earlier in March following a 0.3% gain in February. That would be the highest in a year.
CN50USD Daily Chart
China shares surged the most since February 25 yesterday amid rising expectations for strong growth numbers in Q1
The index touched the highest since February 7, 2018 yesterday. The 78.6% Fibonacci retracement of the January 2018-January 2019 drop is at 13,917
The Chinese economy is seen expanding 6.3% y/y in Q1, a slower pace than the 6.4% recorded in Q4. A better-than-expected number could encourage risk appetite and drive indices higher.
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.
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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