Daily Markets Broadcast 2019-03-12

Daily Markets Broadcast


Wall Street pulled higher by tech sector

Wall Street indices closed higher despite issues at Boeing, as the tech sector pushed the Nas100 index 2% higher. Rumours circulated overnight that UK PM May had secured a “better” Brexit deal from Europe ahead of tonight’s Parliamentary vote.


US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index recovered from early Boeing-led weakness to close higher for the second straight day. The index appears to be continuing the trend in early dealings this morning
  • The 200-day moving average at 25,138 remains untouched, supporting prices since February 12
  • US consumer prices are expected to rise 0.2% m/m in February from a flat reading the previous month. Fed’s Brainard is scheduled to speak at 1345 GMT.


DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index snapped a three-day drop yesterday amid more-positive news on Brexit. The index shrugged off weaker-than-expected industrial production data
  • The index is edging toward the 200-moving average resistance at 11,812. It has capped prices since August 1
  • Germany’s industrial production fell 0.8% m/m in January, a surprise drop with economists anticipating a 0.4% gain. The production numbers echoed weak data from factory orders in the same month. There are no major data releases scheduled today.


UK100GBP Daily Chart

Source: OANDA fxTrade

  • The UK100 index fell for a third consecutive day yesterday, despite rumours that PM May has secured an improved Brexit deal from Europe. Tonight’s Parliamentary vote still introduces a huge element of uncertainty and the index is likely to remain under pressure until the outlook is clearer
  • The 55-day moving average at 6,985 moved above the 100-day moving average at 6,983 yesterday, the first time since September 4 last year
  • As well as the Brexit vote, we see the UK’s production data for January, which has been holding up pretty well, and the trade balance for the same month.