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Wall Street hesitates as G-20 summit looms
Most US indices rose yesterday but volumes and movements were relatively small. Trump imposed more sanctions on Iran while second-tier US data was on the soft side.
US30USD Daily Chart
The US30 index closed higher yesterday but still below the highs of last week
The index is in consolidation ahead of the 26,940 high struck back in October last year
The Dallas Fed manufacturing business index slumped to -12.1 in June, weakest in three years. Today’s data slate includes US new home sales for May, which are seen falling 2.8% m/m.
DE30EUR Daily Chart
The Germany30 slid for a second consecutive session yesterday after mixed results on the IFO sentiment surveys for 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, a more forward-looking index, fell to 94.2, missing estimates of a 94.5 print. Both business climate and current assessment indices came in above forecast. There are no major data points due today but we have speeches from ECB’s De Guindos and Coeure.
WTICOUSD Daily Chart
Crude oil prices extended gains yesterday as Trump imposed more sanctions on Iran
WTI prices rose to the highest since May 30 with eyes on resistance at the convergence of the 100- and 200-day moving averages at $58.58 and $58.67, respectively
Weekly crude oil stockpiles data to June 21 from the American Petroleum Institute are due today. Last week saw a drawdown of 812,000 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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