Daily Markets Broadcast
2019-04-04
Wall Street higher on deal optimism
With US-China trade talks continuing in Washington the FT reported that a deal was “close” and Wall Street embraced it positively. However the details of the proposed deal suggest a slightly one-sided bias in the terms.
US30USD Daily Chart
Source: OANDA fxTrade
-
The US30 index edged higher this morning to near six-month highs in the follow-on from yesterday’s trade deal rumours
-
The next possible resistance point could be the October 2018 high of 26,940
-
Yesterday’s ADP employment change was soft, coming in a +129k jobs versus +170k expected. Is this a preview of what tomorrow’s payroll report will show? There are no major data releases today, but we have speeches from Fed’s Mester and Williams.
DE30EUR Daily Chart
Source: OANDA fxTrade
-
The Germany30 index extend its current rally to an eighth day yesterday amid a broader pickup in risk appetite. That’s the longest winning streak since July last year
-
The index touched the highest in almost six months yesterday and is rising toward the 61.8% Fibonacci retracement of last year’s May-December drop at 12,581
-
German factory orders are seen falling for a ninth straight month in February. Orders are expected to decline 5.4% y/y after a 3.9% drop in January.
CN50USD Daily Chart
Source: OANDA fxTrade
-
The China50 index continued to rally yesterday on trade talk optimism despite the prospect that the US is demanding unilateral enforcement conditions
-
The index rose to the highest in almost a year yesterday and has recouped about 70% of the 2018 losses. The 78.6% Fibonacci retracement of the January 2018 to January 2019 drop is at 13,908
-
The US is seeking terms in the trade deal that allow it to re-impose tariffs immediately if China does not comply, but China cannot do the same, nor can it take the US to the World Trade Organisation.
