Wall Street edges higher after strong earnings
U.S. indices saw whippy trading yesterday before a last-minute spurt saw them close in the black. Better results from a few index heavyweights helped sentiment. The ECB meets today and could focus on the downside risks to the economy. Australian shares rally after better-than-expected jobs data.
US30USD Daily Chart
Source: OANDA fxTrade
- The US30 index snapped a two-day losing streak yesterday after swinging from negative to positive in late trading
- The 55-day moving average at 24,324 appears to be lending support for now after the index failed to close below it for the past two days
- The January flash reading of manufacturing PMI is due today and seen sliding to 53.5 from 53.8, according to the latest poll.
DE30EUR Daily Chart
Source: OANDA fxTrade
- The Germany30 index advanced for the first time in three days yesterday as the market awaits developments on Brexit
- The 55-day moving average at 11,061 remains in focus, while Fibonacci support at 11,029, which is 23.6% retracement of the December-January rally, held yesterday
- ECB is expected to keep rates steady today, the first meeting after it ceased its bond-buying program. EU data has been uninspiring for the past few months, and this could drive expectations.
AU200AUD Daily Chart
Source: OANDA fxTrade
- The Australia200 index climbs today after data showed the economy added more jobs than expected in December
- The index is pivoting around the 100-day moving average at 5,851. The 200-day moving average at 6,005 could be the next resistance point
- Australia added 21,600 jobs in December, more than expected, 24,600 part-time with a loss of 3,000 full-time. The unemployment rate dipped to 5.0% from 5.1%.