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Wall Street tops record levels
US indices powered ahead on Friday, reaching new record highs in most cases, with expectations for a Fed rate cut this month still high despite hotter inflation data last week. China releases Q2 GDP data today. Japan markets are closed for a public holiday.
US30USD Daily Chart
The US30 index advanced for a third straight day Friday, posting the biggest daily gain in three weeks
The 100-day moving average at 26,095 and the 55-day average at 26,149 are gradually converging and could crossover by the end of the month
US producer prices rose more than expected in June, posting a 0.1% m/m and 1.7% y/y increase, which echoed the slightly firmer consumer price indices that were released earlier in the week. There are no major data releases scheduled for today.
DE30EUR Daily Chart
The Germany30 index fell for a seventh straight day yesterday, equaling the longest losing streak since October last year, despite better-than-expected economic data
The index touched the lowest in two weeks and is gravitating toward the 55-day moving average at 12,201
Euro-zone industrial production rose 0.9% m/m in May, beating estimates of a 0.2% gain. There are no major economic data releases scheduled for today.
CN50USD Daily Chart
The China50 index rebounded from two-week lows on Friday, buoyed by the positive sentiment on Wall Street
The 55-day moving average at 13,142 moved below the 100-day moving average at 13,146 for the first time since February 26. This is often interpreted as a medium-term bearish signal
The Chinese economy probably grew 6.2% y/y in the second quarter, according to the latest survey of economists, slower than Q1’s 6.4% expansion. An even lower number would increase pressure on the authorities to introduce larger stimulus measures for the economy to combat the weakening impact of the trade war with the US.
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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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