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Daily Markets Broadcast 2019-12-04

ByMarketPulse
AuthorAndrew Robinson
Published 12/04/2019, 12:17 AM

US President Trump said last night he was in no hurry to make a trade deal and could even wait until after the election. If one were to be concluded this year, it would have to be the “right” one. Australia’s Q3 GDP growth slows.

US30USD Daily Chart

US30USD Daily Chart

  • The US30 index fell for a fourth straight day yesterday, dropping to the lowest level since November 4.

  • The index is heading toward the convergence area of the 55-day moving average at 27,201 and trendline support around the 27,225 level.

  • Today we hear services PMIs from Markit and ISM for November. The former was 51.6 at the preliminary estimate, while the latter is expected to dip to 54.5 from 54.7 in October.

    • DE30EUR Daily Chart

    DE30EUR Daily Chart

  • The Germany30 index rebounded yesterday, snapping a three-day losing streak after hitting the lowest level since November 1.

  • The index is still above the 55-day moving average at 12,783 and the 38.2% Fibonacci retracement of the October 3 to November 19 rally at 12,785.

  • The final Markit services PMI readings for both Germany and the Euro-zone are due today. Preliminary numbers for Germany were 51.3 and for the Euro-zone 51.5.

    • CN50USD Daily Chart

    CN50USD Daily Chart

  • The China50 index rose for the first time in four days yesterday, but overnight developments on the trade deal front could apply pressure this morning.

  • The index is headed toward the 200-day moving average at 13,426, which has supported prices since February 11.
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  • US Commerce Secretary Ross said several things still need to be addressed in order to close a deal with China, including details on what products and how much China will commit to buying.

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