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Daily Markets Broadcast
Wall Street consolidates
Tomorrow’s Independence Day holiday kept volumes thin on Wall Street yesterday, with indices hovering close to record levels. Oil tumbled in response to the OPEC production cut extension.
US30USD Daily Chart
The US30 index rallied for a fourth consecutive day yesterday but still held below last month’s high
The June high at 26.913 and the October high of 26,940 are both still in focus, but possible bearish divergence on momentum indicators suggest they might be unachievable, at the moment
The June ISM non-manufacturing PMI is seen slipping to 55.9 from 56.9 while May factory orders are expected to remain in contraction, with a reading of -0.5% m/m from -0.8% in April.
DE30EUR Daily Chart
The Germany30 index was little changed yesterday after touching an 11-month high the previous day
The 78.6% Fibonacci retracement of the May-December drop last year at 12,581 continues to hold on a closing basis. The August 2018 high is at 12,599
IMF’s Christine Lagarde has been nominated to take over from Mario Draghi at the ECB, whose term at the helm finishes on October 31. Her nomination needs ratifying by the European parliament.
JP225USD Daily Chart
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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