US indices open lower after holiday

Andrew Robinson MarketPulse

US indices slid this morning as investors assessed whether China’s stimulus efforts will be enough to counter the CoVid-19 threat. Oil prices rise further.

US30USD Daily Chart

Source: OANDA fxTrade

The US30 index was steady yesterday in holiday-thinned trade, but has opened weaker this morning
The 55-day moving average has risen to at 28,709 while the 100-day moving average is at 28,037
The NY Empire State manufacturing index probably rose to 5.0 from 4.8 this month, the latest survey shows. That would be the highest reading since May last year.

DE30EUR Daily Chart

Source: OANDA fxTrade

The Germany30 index looks set to snap a two-day rising streak today after it opened weaker following Wall Street’s cue
The index remains above the 55-day moving average at 13,352 while the 100-day average provides longer-term support below at 13,091
The February ZEW surveys for both Germany and the Euro-zone are due today, with Germany’s economic sentiment index expected to fall to 21.5 from 26.7 while the Euro-zone’s is seen improving to 30.0 from 25.6.

WTICOUSD Daily Chart

Source: OANDA fxTrade

West Texas Intermediate (WTI) hit the highest level this month yesterday on hopes that the CoVid-19 news will start to improve
Oil prices are rising toward the 23.6% Fibonacci retracement of the January-February decline at $53.136
Tomorrow the American Petroleum Institute releases its weekly crude oil stockpiles data to February 14. Last week saw a lumpy increase in inventories of six million barrels.

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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