Daily Markets Broadcast 2019-03-13

Daily Markets Broadcast


Wall Street mixed as Boeing weighs

It was mixed session on Wall Street overnight as the SPX500 and Nas100 indices gained but the US30 index fell, pressured by Boeing amid an escalating crisis surrounding the 737-Max jet. PM May’s latest Brexit deal was rejected by the UK Parliament.

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index snapped a two-day advance yesterday as Boeing shares weakened further. US CPI data remained benign suggesting the Fed can remain comfortably on hold, which prevented a deeper rout
  • The 200-day moving average at 25,141 remains untouched, supporting prices since February 12. The February high of 26,238 will likely act as the next resistance point
  • US durable goods orders are seen falling 0.5% in January, the first decline in three months, according to the latest survey. After yesterday’s benign CPI print, February’s producer prices could also head the same way.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index fell yesterday amid expectations that the “improved” Brexit deal would be rejected by UK politicians
  • The index remains sandwiched between resistance at the 200-day moving average at 11,806 and rising trendline support near 11,340
  • The weaker data for Germany’s industrial production data for January will likely be repeated again today when the Euro-zone releases its own numbers. Forecasts suggest a 2.1% y/y decline.

JP225USD Daily Chart

Source: OANDA fxTrade

  • The Japan 225 index has opened flat this morning amid conflicting signals from Wall Street and weak economic data
  • The index has been confined between the 55- and 200-day moving averages at 20,828 and 21,984 respectively since February 12
  • Japan’s machinery orders fell 5.4% m/m in January, the weakest print in three months, amid signs that contagion from the global economic slowdown may be spreading to Japan. The tertiary industry index, which measures the domestic service sector, is expected to rise 0.5% in February, latest surveys show.