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Daily Markets Broadcast 2019-02-21

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Daily Markets Broadcast

2019-02-21

Please note the Daily Markets Broadcast will be suspended tomorrow, February 22. Publication will resume on Monday February 25

Wall Street edges higher after Fed minutes

US indices ended higher after a choppy session, boosted by sentiment in Europe and then when FOMC minutes showed an intention to halt its balance sheet trimming by late 2019. Australia had another stellar jobs report in January.

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index edged higher to a fresh 2-1/2 month peak yesterday on the back of a relatively dovish tone to the minutes of the last FOMC meeting
  • The index touched the highest since December 3, though has still failed to cross above the psychological 26,000 mark. The December high was 26,082
  • It’s a busy data slate for the US, with delayed durable goods orders for December, flash Markit PMI readings for February and existing home sales for January all due. The manufacturing PMI will probably grab the most attention, seen easing to 54.7 from 54.9

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index powered ahead yesterday with the biggest one-day gain of the week.
  • The index moved to the highest level since December 4. The December 3 high of 11,571 could be the next resistance point.
  • German flash PMI data from Markit for February are expected to continue the softer trend, with the composite PMI edging down to 52.0 from 52.1.

AU200AUD Daily Chart

Source: OANDA fxTrade

  • The AU200 index shrugged off a strong jobs report for January, retreating from 4-1/2 month highs for a second day
  • The 200-day moving average at 6,005 could act as the next support level
  • Australia added a net 39.1k jobs in January, but the details told an even stronger story. 65.4k full-time jobs were added with the loss of 26.3k part-time ones. Unemployment rate held steady at 5.0%, even with an uptick in the participation rate to 65.7%. It was a strong report, whichever way you slice or dice it.

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