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Daily Markets Broadcast 2019-04-01

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Daily Markets Broadcast

2019-04-01

Wall Street indices higher on China data

A sharp rebound in China’s PMI data for March has given risk appetite a jolt in early trading in Asia as growth fears are partly allayed.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index looks set for a third straight day of gains as the rebound in the China PMIs builds hopes for the outlook for the Chinese economy, and hence global growth
  • The index looks set to test last month’s high, with the 2019 high above at 26,041
  • Tonight we will see if the US manufacturing PMI sees a similar rebound. It’s expected to come in at 54.5 from 54.2 in February.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index looks set for a sixth daily advance in a row today after the China data buoys sentiment. The index had its best week in six weeks last week
  • The index is heading toward 200-day moving average resistance at 11,722. That average has capped prices on a closing basis since July 31
  • Both German and Euro-zone Markit manufacturing PMIs are not expected to differ from the flash readings of 44.7 and 47.6, respectively.

 

CN50USD Daily Chart

Source: OANDA fxTrade

  • After posting the biggest daily gain in almost a month on Friday, the China50 index could advance further today after the rebound in the PMI numbers
  • Prices touched a three-week high on Friday and could test the March 4 high of 13,312, which in turn was the highest since March 22, 2018
  • Data released Sunday showed the manufacturing PMI hitting 50.5, the first time it crossed above the 50 contraction/expansion threshold in five months. The non-manufacturing PMI rebounded to 54.8 from 54.3.

 

 

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