Wall Street rally stalls on talk of trade deal delay
|Wall Street indices closed in the red yesterday following a Bloomberg report that any US-China trade deal would not be concluded this month. PM May won endorsement from politicians to request a Brexit extension from Europe.
US30USD Daily Chart
Source: OANDA fxTrade
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The US30 index closed lower yesterday, capped by speculation that the proposed Trump-Xi summit to sign off on a trade deal at the end of this month would be postponed
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The 200-day moving average is at 25,149 and has remained untested since February 12
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The NY Empire state manufacturing index is expected to extend the recent positive run in March, with estimates suggesting a reading of 10 from 8.8 last month.
DE30EUR Daily Chart
Source: OANDA fxTrade
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The Germany30 index gave back early gains to close lower yesterday
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The index is still sandwiched between resistance at the 200-day moving average at 11,795 and rising trendline support near 11,370
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Euro-zone consumer prices are seen unchanged at +1.5% y/y in February, echoing the picture painted by Germany’s data yesterday.
CN50USD Daily Chart
Source: OANDA fxTrade
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China A50 shares closed marginally lower yesterday, and could fall further if the market takes to heart the chance any US-China trade deal will be delayed until April
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The 38.2% Fibonacci retracement level of the 2019 rally is at 12,111
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Foreign direct investment data for February are due today after rising 4.8% y/y in January.
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