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Stocks firmer on tariff truce
An agreement to get US-China trade negotiations back on track has given equity indices a boost at the start of a new month. A public holiday in Hong Kong could keep liquidity and volumes low in the Asian session. The OPEC meeting starts today, with Saudi Arabia and Russia already agreeing on production cuts.
US30USD Daily Chart
The US30 index pushed higher in early trading this morning after the weekend G-20 summit
The index is attempting to retest last month’s high at 26.913 and the October high of 26,940
The ISM manufacturing PMI is seen slipping to 51.0 in June from 52.1 the previous month. That would be the weakest reading since August 2016.
DE30EUR Daily Chart
The Germany30 has powered ahead to the highest since August last year in early trading this morning after the weekend trade truce agreement
The 78.6% Fibonacci retracement of the May-December drop last year at 12,581 is being tested, while the August 2018 high is at 12,599
Germany’s unemployment rate is seen unchanged at 5% in June, latest surveys suggest. There are speeches from ECB’s De Guindos and Lane today.
CN50USD Daily Chart
The China50 index is expected to advance at the open this morning following the announcement of a trade truce and an intention to get back to the negotiating table
The index may test the 78.6% Fibonacci retracement of the decline from April 19 to May 9 at 13,824
China’s manufacturing PMI missed estimates in June, coming in at 49.4, the same as May. Today sees the release of the Caixin manufacturing PMI which is expected to slide to 50.0 from 50.2 in May.
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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