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Daily Markets Broadcast 2019-04-23

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Daily Markets Broadcast

2019-04-23

Wall Street mixed ahead of earnings deluge

It was a mixed performance on Wall Street in holiday-thinned trading, with the US30 and SPX500 declining while the NAS100 index eked out small gains. Oil prices surged as Iran sanction waivers are set to end.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index touched the highest since October 5 yesterday before closing lower
  • The index has stalled ahead of the October high of 26,940. The rising 55-day moving average support is at 25,873 today
  • US existing home sales were soft in March, falling 4.9% m/m, more than the -2.3% expected. Today we see new home sales for last month and, if they are as weak as the existing home sales, it could add pressure on Wall Street.

 

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. Markets were closed yesterday for Easter Monday
  • 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. Consumer confidence is seen barely changed in April at -7.1 from -7.2 the previous month.

 

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • WTI surged more than 2.5% yesterday, posting the biggest one-day gain since January 9, after US President Trump announced that the sanctions waivers granted to eight oil-importing countries would not be renewed when they expire next month
  • Prices touched the highest since October 31 yesterday.The 78.6% Fibonacci retracement of the October-December drop is at $69.75
  • API releases its weekly crude inventories data as at April 19 today. Last week saw a drawdown of 3.1 million barrels, the first decrease in three weeks.

 

 

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