Daily Markets Broadcast July 16, 2019
US indices consolidated and extended recent gains to touch new record highs yesterday. The earnings season gets under way again while phone talks between Washington and Beijing are set to resume this week.
US30USD Daily Chart
- The index extended the recent rally to a fourth day, rising to a new record high. It has started positively this morning.
- The 100-day moving average at 26,109 and the 55-day average at 26,163 are gradually converging and could crossover by the end of the month.
- The growth in US is expected to slow to +0.2% m/m in June after a 0.5% advance in May. Speeches from Fed’s Bostic, Bowman, Powell and Evans are scheduled.
DE30EUR Daily Chart
- The index snapped a seven-day losing streak yesterday, boosted by Wall Street’s advance and some positive data points out of China.
- The index touched the lowest in 2-1/2 weeks before rebounding strongly. The 55-day moving average is at 12,205.
- The German surveys are expected to show a tiny improvement in July, though still with a negative bias. Estimates suggest a move to -20.0 from -21.1 the previous month.
WTICOUSD Daily Chart
- prices retreated from 7-1/2 week highs yesterday, losing the most in nine sessions, as the threat from storm Barry receded. This had halted about 70% of production in the Gulf of Mexico.
- Prices are currently sitting on the 100-day moving average at $59.17.
- Weekly stockpiles data from the as at July 12 are due today. Last week saw a hefty drawdown of 8.13 million barrels, which boosted prices.