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Daily Markets Broadcast 2019-01-10

Daily Markets Broadcast

2019-01-10

Stocks rise as minutes show a patient Fed
The minutes of the December FOMC meeting highlighted dovish discussions among Fed members and a patient view to further rate hikes in 2019. The three-day China-US trade talks finished amicably and with progress, though no actual deal was announced.
US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index advanced for a fourth day yesterday though gains were tempered amid concerns about the ongoing US government shutdown
  • The index closed above the 50% retracement level of the December drop at 23,760 yesterday. The 61.8% Fibonacci retracement is at 24,308 and the 55-day moving average at 24,440
  • Fedspeak continues today with Powell, Bullard, Evans and Clarida on tap. They will no doubt echo the dovish tone of the December minutes.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index has started negatively today, snapping a two-day advance that saw the index hit a four-week high
  • The index appears to be stalling ahead of the 55-day moving average, which is at 11,120 and has capped prices on a closing basis since August 29
  • No German data are scheduled for today. The minutes of the last ECB meeting will be released.

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • West Texas Intermediate has open in the red this morning and looks set for the first down-day in eight days. The commodity touched the highest in nearly four weeks yesterday
  • The 55-day moving average at $53.85 acts as the first resistance point and has capped prices since October 17
  • EIA crude oil stockpiles saw a drawdown of 1.68m barrels in the week to January 4, according to data released yesterday. It was below economists’ forecasts of a 2.8m barrel decline.

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