Wall Street edges higher on trade hopes
|US indices traded marginally higher yesterday, with activity muted due to the President’s Day holiday. Oil prices extended recent gains on supply-side curbs.
US30USD Daily Chart
Source: OANDA fxTrade
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The US30 index extended recent gains to the highest since December 3, eking out small gains on the day
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The next resistance point could be the December high of 26,085. The 200-day moving average at 25,054 may act as near-term support
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US Commerce Dept sent report to White House on 25% automobile tariffs. President Trump now has 90 days to make a final decision. There are no tier-1 data releases scheduled for today.
DE30EUR Daily Chart
Source: OANDA fxTrade
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The Germany30 index posted minor gains yesterday, taking its cue from the Asian session. There were no economic data releases to drive direction and it was quiet on the Brexit front
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The index consolidated its move above the 100-day moving average at 11,271, closing above it for the second day in a row. The next resistance level could be the high from earlier this month at 11,392
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German ZEW surveys for February are due today. The current situation index is seen falling to 20.0 from 27.6 while the more forward-looking economic sentiment index is expected to improve marginally to -13.4 from -15.0.
WTICOUSD Daily Chart
Source: OANDA fxTrade
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Crude oil prices advanced for a fifth straight day yesterday, bolstered by OPEC+ supply cuts and supply-limiting sanctions on Venezuela
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Prices are eyeing the 100-day moving average at $56.87. This average has capped prices since October 22
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The American Petroleum Institute issues its weekly oil stocks data as at February 15 later today. Last week showed the first drawdown of inventories in four weeks.
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