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Daily Markets Broadcast 2018-12-03

Daily Markets Broadcast

2018-12-03

Wall Street seen higher on trade truce

Presidents Trump and Xi agreed a 90-day ceasefire on the imposition on any more tariffs to allow the two nations to reach a more permanent accord. Saudi and Russian oil ministers agreed to extend their management of the oil prices through 2019, though did not announce any supply cuts at the G-20 meeting.

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index has rallied strongly in early trading in response to G-20 developments. The index has touched highest since November 12
  • The index has crossed above the 55-day moving average at 25,593 for the first time in three weeks. The November high is at 26,250
  • ISM November Manufacturing PMI data are due today and are seen edging higher to 57.8 from 57.7, according to the latest survey. A lower number could hurt the current bullish mood.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index slid for a second day on Friday, but closed near the upper end of the day’s range. The index should trade higher today, given the response on Wall Street to the G-20 developments
  • A possible hammer reversal pattern is building on the daily candlestick chart. The 55-day moving average is at 11,671
  • Germany’s Markit manufacturing PMI is expected to hold steady at 51.6 in November, the latest survey shows.

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • WTI has pushed to the highest in 10 days after the G-20 meeting at the weekend
  • The 23.6% Fibonacci retracement of the October-November drop is at $55.890
  • Saudi Arabia and Russia announced an extension into 2019 of its agreement to manage the oil market. This opens up the chance for an output deal at the OPEC meeting in Vienna on December 6.

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