Another record high

Andrew Robinson MarketPulse

US indices consolidated and extended recent gains to touch new record highs yesterday. The earnings season gets under way again while phone talks between Washington and Beijing are set to resume this week.

US30USD Daily Chart

Source: OANDA fxTrade

The US30 index extended the recent rally to a fourth day, rising to a new record high. It has started positively this morning
The 100-day moving average at 26,109 and the 55-day average at 26,163 are gradually converging and could crossover by the end of the month
The growth in US retail sales is expected to slow to +0.2% m/m in June after a 0.5% advance in May. Speeches from Fed’s Bostic, Bowman, Powell and Evans are scheduled.

DE30EUR Daily Chart

Source: OANDA fxTrade

The Germany30 index snapped a seven day losing streak yesterday, boosted by Wall Street’s advance and some positive data points out of China
The index touched the lowest in 2-1/2 weeks before rebounding strongly . The 55-day moving average is at 12,205
The German ZEW sentiment surveys are expected to show a tiny improvement in July, though still with a negative bias. Estimates suggest a move to -20.0 from -21.1 the previous month.

WTICOUSD Daily Chart

Source: OANDA fxTrade

Crude oil prices retreated from 7-1/2 week highs yesterday, losing the most in nine sessions, as the threat from storm Barry, which had halted about 70% of production in the Gulf of Mexico, receded
Prices are currently sitting on the 100-day moving average at $59.17
Weekly stockpiles data from the American Petroleum Institute as at July 12 are due today. Last week saw a hefty drawdown of 8.13 million barrels, which boosted prices.

Author

Andrew Robinson

MarketPulse

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 commentar

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