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Daily Markets Broadcast 2019-04-22

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Daily Markets Broadcast

2019-04-22

Wall Street extends gains on strong retail sales

US indices continued to rally on Thursday after retail sales data for March came in higher than expected. The US30 index has continued the rally in early trading this morning. Markets were closed on Friday and many remain closed today for the Easter Monday holiday. European PMIs disappointed (again).

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index touched the highest since October 5 this morning, extending the positive sentiment from Thursday
  • The index probably has its sights on the October high of 26,940. The rising 55-day moving average support is at 25,851 today
  • US retail sales rose 1.6% m/m in March, more than the 0.9% expected and the biggest monthly gain since September 2017. Existing home sales are released today and are expected to fall 2.3% m/m in March.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index ignored weaker flash PMI readings and extended its recent rally to a seventh day on Thursday
  • The index touched the highest since October 4 on Thursday. The 78.6% Fibonacci retracement of the May-December drop is at 12,581
  • Germany’s March Markit flash manufacturing PMI rose to 44.5 from 44.1 but missed forecasts of a climb to 45.0. Local markets remain closed today.

CN50USD Daily Chart

Source: OANDA fxTrade

  • The China50 index powered ahead to the highest in 2-1/2 months on Friday, helped along by the strong US data
  • The index touched the highest since February 7 and could have eyes on the January high of 14,927
  • China think tank CIER (China Institute for Employment Research) cautioned about pressure on the jobs market despite stronger economic growth in Q1. It warned that the open positions to job applicants ratio fell to 1.68 in Q1, the lowest since 2014. Called on the government to introduce more stimulus to increase demand.

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