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Wall Street slides on trade war worries
Tuesday’s relief rally proved to be fleeting, with US indices resuming their recent slide yesterday with no deal in sight in the US-China trade negotiations. Oil prices fell as inventories increased.
IUS30USD Daily Chart
The US30 index fell yesterday amid reports that the US was considering blacklisting more Chinese companies
The index is sandwiched between 55-day moving average resistance at 26,012 and 100-day moving average support at 25,539
US new home sales are expected to fall 2.8% m/m in April, according to the latest poll of economists. There’s a slew of Fed speakers at 1700GMT including Kaplan, Daly, Bostic and Barkin.
DE30EUR Daily Chart
The Germany30 index edged lower yesterday but closed off the intraday lows
The 55-day moving average at 11,916 continues to support prices, as it has done on a closing basis since February 8
The Markit manufacturing PMI reading for May is expected to improve slightly to 44.8 from 44.4, but still in contraction territory. The IFO expectations index is seen edging lower to 95.0 from 95.2.
WTICOUSD Daily Chart
WTI prices fell the most in three weeks yesterday after weekly stockpiles data showed another increase
Prices fell to the lowest in a week, closing below the 55-day moving average at $61.45 for the first time since January 17. The 200-day moving average is at $60.22
EIA weekly crude oil stockpiles data showed an increase of 4.74 million barrels in the week to May 17, well above analysts’ forecasts of a drawdown of 600,000 barrels.
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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