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Wall Street consolidates near record highs
US indices gave back early gains to finish in the red on Friday as Middle east tensions caused a pause in the recent rally. Oil continues its move higher as more US sanctions against Iran are due to be imposed today.
US30USD Daily Chart
The US30 index snapped a four-day rising streak on Friday, but not before touching the highest since October 3
The index stalled ahead of the 26,940 high struck back in October last year, but has started this week positively and could launch another test of that high this week
The Chicago Fed activity index is expected to show a slight improvement to -0.37 in May from -0.45 the previous month, but would still be below zero for a fifth month in a row.
DE30EUR Daily Chart
The Germany30 fell on Friday despite better-than-expected flash PMI readings for the major European economies in June
The May high of 12,452 is currently capping prices, while the 78.6% Fibonacci retracement of the May-December drop last year is at 12,581
Germany’s IFO expectations index is seen slipping to 94.5 in June from 95.3 last month. The business climate index and current assessment index are both also expected to show a mild deterioration.
CN50USD Daily Chart
The China50 index brought a four-day raising streak to a halt on Friday, echoing the moves on Wall Street
The index has stalled below the 78.6% Fibonacci retracement level of the April-May drop at 13,824. The 100-day moving average at 12,855 could act as support
US White House Adviser Navarro has alleged that China is devaluing its currency to offset the US trade tariffs. NOTE: the offshore yuan rose 0.9% versus the US dollar last week.
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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