Wall Street tumbles to six-week low

Andrew Robinson MarketPulse

Weak jobs data and an escalation in US-China tensions over the arrest of Huawei’s CFO combined to pressure US futures markets in early trading today.

US30USD Daily Chart

Source: OANDA fxTrade

The US30 index has fallen to the lowest since October 26 this morning, following on from Friday’s losses
The 100-week moving average is at 23,475
The US economy added just 155,000 jobs in November, well below forecasts of +200,000 and a marked slowdown from October’s revised +237,000.

DE30EUR Monthly Chart

Source: OANDA fxTrade

The Germany30 index is under pressure again today after suffering the worst weekly loss since March
The index looks set to close below the 55-month moving average at 11,233 for the first time since December 2011
Germany’s October trade surplus is expected to widen to EUR17.7b from 17.6b in September. Trade tariffs do not appear to be affecting the trade balance so far.

WTICOUSD Weekly Chart

Source: OANDA fxTrade

West Texas Intermediate looks poised for its second daily advance in a row after posting the biggest weekly gain in 10 weeks last week
Fibonacci retracement resistance may be found at $55.858, 23.6% retracement of the October-November drop
OPEC and non-OPEC producers pushed forward with an agreement to cut production by 1.2m bpd, without any assurances Iran would cap its production.

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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