Wall Street retreats despite strong jobs data
The virus effect appears to be exerting a stronger influence on equity indices than a stellar jobs report, as reported deaths from the virus top SARS totals.
US30USD Daily Chart
The US30 index snapped a four-day winning streak despite reports showing a healthy labour market
The 55-day moving average has risen to at 28,555 while the 100-day moving average is at 27,884
The US economy added 225,000 jobs in January, beating estimates of just 160,000. The unemployment rate edged up to 3.6% from 3.5%, partly due to a higher participation rate. There are no major US data releases scheduled for today but Fed’s Bowman is due to speak.
DE30EUR Daily Chart
The Germany30 index looks set to decline for a second consecutive day today as the corona virus impacts risk appetite
The index is above the 55-day moving average at 13,293 while the 100-day provides longer-term support below at 13,010
Euro-zone Sentix investor confidence probably dipped to 4.0 this month from 7.6 in January, according to the latest survey of economists, mostly due to the virus effect.
WTICOUSD Monthly Chart
The attempted rebound in oil markets last week appears to be short-lived with prices looking poised to slide for a third straight day
Oil prices opened below the 55-month moving average this month for the first time in a year. That moving average is at $53.12 today. The 100-month moving average has crossed below the 200-month moving average
Tomorrow sees the release of weekly crude oil stockpiles data from the American Petroleum Institute (API). Last week saw an addition to inventories of 4.2 million barrels.
