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Stocks close off highs
US indices retreated from intra-day highs at the close yesterday, but not before the SPX500 index hit record highs. OPEC appears on the verge of extending production cuts for nine months. The Reserve Bank of Australia is expected to cut rates at a second consecutive meeting to bring the benchmark rate to 1.0%.
US30USD Daily Chart
The US30 pared early gains yesterday after failing to overcome last month’s high. The index closed higher for the third consecutive day
The index probably still has eyes on the June high at 26.913 and the October high of 26,940
The June ISM manufacturing PMI came in better than expected, but was still lower than May. There are no major data releases today but Fed’s Williams is scheduled to speak.
DE30EUR Daily Chart
The Germany30 index touched an 11-month high yesterday despite softer economic data releases
The 78.6% Fibonacci retracement of the May-December drop last year at 12,581 was tested but held on a closing basis. The August 2018 high is at 12,599
June manufacturing PMI data came in below forecast in the Euro-zone, Germany, France, Italy and the UK. Today’s releases include German retail sales for May, which are seen rebounding to +0.5% m/m from -2.0%.
WTICOUSD Daily Chart
Crude oil prices rose yesterday after OPEC seemed set to agree on an extension of current production cuts for another nine months. The decision still needs to be ratified by non-OPEC allies today
WTI is testing the 55-day moving average at $59.11, which has held on a closing basis since May 21
Weekly crude oil stockpiles data from the American Petroleum Institute are due today. Last week saw a drawdown of 7.55 million 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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