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Daily Markets Broadcast 2018-12-10

Daily Markets Broadcast

2018-12-10

Due to an unforeseen circumstance, we apologise for not publishing the Daily Markets Broadcast last Friday.

Wall Street tumbles to six-week low

Weak jobs data and an escalation in US-China tensions over the arrest of Huawei’s CFO combined to pressure US futures markets in early trading today.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index has fallen to the lowest since October 26 this morning, following on from Friday’s losses
  • The 100-week moving average is at 23,475
  • The US economy added just 155,000 jobs in November, well below forecasts of +200,000 and a marked slowdown from October’s revised +237,000.

 

DE30EUR Monthly Chart

Source: OANDA fxTrade

  • The Germany30 index is under pressure again today after suffering the worst weekly loss since March
  • The index looks set to close below the 55-month moving average at 11,233 for the first time since December 2011
  • Germany’s October trade surplus is expected to widen to EUR17.7b from 17.6b in September. Trade tariffs do not appear to be affecting the trade balance so far.

 

WTICOUSD Weekly Chart

Source: OANDA fxTrade

  • West Texas Intermediate looks poised for its second daily advance in a row after posting the biggest weekly gain in 10 weeks last week
  • Fibonacci retracement resistance may be found at $55.858, 23.6% retracement of the October-November drop
  • OPEC and non-OPEC producers pushed forward with an agreement to cut production by 1.2m bpd, without any assurances Iran would cap its production.

 

 

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