US indices rebounded from the worst losses of the year yesterday, helped along by strong economic data. It was a broader risk-on day, with safe havens slipping and oil prices rising. The Federal Reserve holds its first FOMC meeting of 2020 later today.
US30USD Daily Chart
Source: OANDA fxTrade
-
The US30 index halted a two-day slide yesterday, shrugging off the worsening news on the virus and boosted by the strongest Richmond Fed manufacturing index in 16 months
-
The 55-day moving average at 28,397 remains intact and has supported prices since October 10
-
The FOMC is expected to report an unchanged policy at today’s meeting, focusing on the data flow going forward. Pending home sales are seen rising 0.5% m/m in December, a slower pace than November’s +1.2%.
DE30EUR Daily Chart
Source: OANDA fxTrade
-
The Germany30 index rebounded from three-week lows to finish higher yesterday, echoing the positive mood on Wall Street
-
The index has regained the 55-day moving average at 13,282 after opening below it for the first time since October 9
-
German Gfk consumer confidence readings for February are seen unchanged at 9.6. Import prices probably rose 0.3% m/m in December, according to the latest survey of economists.
XAU/USD Daily Chart
Source: OANDA fxTrade
-
Gold prices slid for the first time in five days yesterday as the market coped with the worsening Wuhan virus crisis
-
The 55-day moving average is at 1,505.42 and has supported prices since December 23
-
The latest coronavirus update out of China shows 5,974 confirmed cases, up from 4,515 yesterday, with the death toll rising to 132.
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.
Recommended Content
Editors’ Picks
EUR/USD fluctuates near 1.0700 after US data
EUR/USD stays in a consolidation phase at around 1.0700 in the American session on Wednesday. The data from the US showed a strong increase in Durable Goods Orders, supporting the USD and making it difficult for the pair to gain traction.
USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom
USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap.
Gold keeps consolidating ahead of US first-tier figures
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Worldcoin looks set for comeback despite Nvidia’s 22% crash Premium
Worldcoin price is in a better position than last week's and shows signs of a potential comeback. This development occurs amid the sharp decline in the valuation of the popular GPU manufacturer Nvidia.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.