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Wall Street edges higher as Mexico cloud lifted
Wall Street responded well to Trump’s move to suspend Mexico tariffs, but the good mood could evaporate after he threatened to slap more tariffs on China goods if China President Xi won’t meet him at the upcoming G-20 summit.
US30USD Daily Chart
The US30 index advanced for a sixth straight yesterday but is little changed in early trading this morning
The index tested the 78.6% Fibonacci retracement of the April-June drop at 26,226 but failed to close above it. The 55-day moving average is at 25,962
US producer prices are seen rising 2.0% y/y in May, the latest survey of economists shows, a slower pace than the 2.2% recorded in April.
DE30EUR Daily Chart
The Germany30 index touched the highest in nearly two weeks yesterday and has opened flat this morning
The index is rising toward the 61.8% Fibonacci retracement of the May-June drop at 12,131. The 55-day moving average is at 12,001 and has supported prices on a closing basis since June 3
The Euro-zone Sentix investor confidence index is expected to tumble to 1.4 in June from 5.3 in May, according to the latest survey of economists.
WTICOUSD Daily Chart
West Texas Intermediate touched the highest level this month yesterday but then reversed direction to snap a two-day rising streak
The index’s decline from mid-April has stalled near the 61.8% Fibonacci retracement level of the December-April rally at $51.47
Weekly stockpiles data from the American Petroleum Institute are due today. Last week saw an increase in inventories of 3.55 million barrels.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
A seasoned professional with more than 30 years’ experience in foreign exchange, interest rates and commodities, Andrew Robinson is a senior market analyst with OANDA, responsible for providing timely and relevant market commentary and live market analysis throughout the Asia-Pacific region. Having previously worked in Europe, since moving to Singapore he worked with several leading institutions including Bloomberg, Saxo Capital Markets and Informa Global Markets, proving FX strategies based on a combination of technical and fundamental analysis as well as market flow information. Andrew began his career as an FX dealer with NatWest and the Royal Bank of Scotland in the UK.
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