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Wall Street extends gains
US indices advanced for a third day yesterday, helped by better-than-expected data and some strong earnings reports from Wallmart and CISCO, while ignoring the tensions in the US-China trade talks. Australia heads to the polls this weekend.
US30USD Daily Chart
The US30 index rose for a third day yesterday but has shown a mild retracement since trading opened in Asia this morning
The 100-day moving average at 25,436 is above the 200-day moving average at 25,407 for the first time since January 28. The 55-day moving average is at 26,019
US housing starts rose 5.7% in April while building permits rose 0.6%. The only major release today is the Michigan consumer sentiment index for May, which is seen climbing to 97.5 from 97.2.
DE30EUR Daily Chart
The Germany30 index looks poised to advance for a third straight day today after touching a nine-day high yesterday
The 55-day moving average at 11,877 continues to support prices, as it has done on a closing basis since February 8
The pace of increase in consumer prices in the Euro-zone is expected to slow to +0.7% m/m in April, latest surveys show. The growth in construction output is seen contracting 0.8% m/m in March.
CN50USD Daily Chart
China shares were boosted to nine-day highs yesterday despite the uncertainty surrounding trade talks and the US move to blacklist Huawei
The China50 index is rising toward the 55-day moving average at 13,167
Hong Kong releases Q1 GDP growth numbers today. The last quarter of 2018 saw growth contracting 0.3% q/q, only the second negative growth quarter in the last ten.
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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