Wall Street edges higher
US indices recovered from deep intra-day losses to close in the black yesterday on opportunistic bargain buying. Three central banks (RBNZ, RBI, BOT) cut rates yesterday, two more than expected. US President Trump has another dig at the Fed for hiking rates last year. China’s trade data for July are due today.
US30USD Daily Chart
The US30 index was down as much as 1.7% in early trading before a sharp rebound saw it close higher for the second day running. The index has started more cautiously this morning
The index is edging toward the 100-day moving average at 26,273
US President Trump called the Fed “incompetent” while calling on them to cut rates “bigger and faster”. There are no major US data releases scheduled for today.
DE30EUR Daily Chart
The Germany30 index climbed for a second straight day yesterday, helped along by an acceleration in the global easing cycle
The index closed above the 200-day moving average at 11,650 for the first time this week yesterday
German industrial production data disappointed in June, contrary to the uptick in factory orders. Production fell 1.5% m/m, worse than the -0.4% expected. There are no major data releases from either Germany or the Euro-zone today.
CN50USD Daily Chart
