US indices have hit fresh record highs after US President Trump signed off on the Phase 1 trade deal with China. The pound soars as the UK Conservative party look set to win the general election with a much greater than anticipated margin.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index has touched new record highs this morning following the trade deal, averting the December 15 deadline for the next set of tariffs

  • The 55-day moving average has risen to 27,336 while trendline support is around the 27,210 level

  • US retail sales are expected to rise 0.5% m/m in November, according to the latest survey. That’s a faster pace than October’s +0.3%.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index rose for a third straight day as the ECB kept rates steady, as expected

  • The 55-day moving average has advanced to 12,890 and has supported prices since October 10

  • Christine Lagarde and her team kept rates unchanged at her first meeting in charge. She reiterated the same forward guidance, with a muted inflation outlook though there are initial signs of economic stabilization. There are no major data releases scheduled for today.

 

CN50USD Daily Chart

Source: OANDA fxTrade

  • China shares look poised to open higher this morning following the rally on Wall Street after Trump signed off on the Phase 1 trade deal

  • The index will likely open above the 55-day moving average at 13,865 for the first time since November 21

  • Under the Phase 1 deal, China will reportedly buy more US agricultural products. Apparently, the terms have been agreed but the legal text has not yet been finalized. November Foreign Direct Investment flows are due to be released today.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities.

Opinions are the authors — not necessarily OANDA’s, its officers or directors. OANDA’s Terms of Use and Privacy Policy apply. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD: Buyers struggle for follow-through, focus on Fed

EUR/USD buyers are struggling to find follow-through, having successfully defended the psychological support at 1.10 on Tuesday with a bullish hammer candle. The Fed may validate the renewed expectations for a 2020 rate cut. 

EUR/USD News

GBP/USD: Modestly flat above 1.3000, Huawei talks in the spotlight

GBP/USD sellers catch a breath after four consecutive days of declines. The UK’s favor for the Chinese tech giant negatively affects its friendship with the US. Brexit headlines keep calm while BOE readies for the decision.

GBP/USD News

Federal interest rate preview: Stable policy and an uncertain future

The course of the American economy has not altered since the previous FOMC meeting on Dec last year. 4Q growth is expected to be 2.1% when the preliminary figures are released by the Bureau of Economic Analysis on Thursday.

Read more

Gold: Bulls looking for a discount in $1560s

Gold top in the making with a weekly shooting star and weekly divergence. The price of gold has been found floundering between 1580 and the 1560s following a surge at the start of the year to the highest levels since March 2013 at $1,611.

Gold News

USD/JPY fills Monday's bearish gap ahead of Fed interest rate

USD/JPY has filled the gap created by Monday's negative open. Coronavirus fears have subsided in the last 24 hours, allowing recovery in USD/JPY. The respite could be short-lived if the Fed sounds dovish, sending the US dollar lower. 

USD/JPY News

Forex Majors

Cryptocurrencies

Signatures