With stock markets closed yesterday in observance of George H.W. Bush’s funeral, it was left to futures prices to lead the way. Yesterday was calm, but early action this morning has seen US indices under pressure. Theresa May is still battling to keep her Brexit deal alive ahead of next week’s vote in parliament.
US30USD Daily Chart
Source: OANDA fxTrade
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The US30 index has fallen to the lowest in nine days this morning amid fears US-China relations may worsen following the arrest of Huawei’s CFO in Canada
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The index is now below the 200-day moving average at 25,089. The 100-week moving average may lend support at 23,440
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The trade balance for October is seen widening to $55 billion from $54 billion. Fed’s Powell is scheduled to speak.
DE30EUR Daily Chart
Source: OANDA fxTrade
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The Germany30 index rebounded mildly from two-week lows yesterday as European PMIs beat expectations
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The index has traded below the 55-day moving average since September 28. It is now at 11,625
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Germany’s factory orders are expected to decline 0.4% m/m in November, negating October’s 0.3% gain.
UK100GBP Daily Chart
Source: OANDA fxTrade
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The UK100 index fell for a second day yesterday, challenging the November 20 low as Theresa May lost three Brexit-related votes in one hour, making her the first PM in 40 years to lose three votes in a day
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The 55-day moving average survived a test earlier this week, and this average has capped the index on a closing basis since August 10
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There are no economic data releases today, but the ongoing parliamentary Brexit debate should provide enough fuel for market volatility.
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