U.S. GDP Growth Surpassed Expectations
MarketPulse | Nov 28, 2019 02:32AM ET
US stocks rise to new record highs
Wall Street indices edged higher yesterday after the Fed’s Beige Book report suggested the US economy is still growing modestly, while the labour market remains tight. US Q3 GDP growth came in higher than expected. Investors shrugged off the fact that US President Trump signed off on the Hong Kong Democracy Bill which might strain trade negotiations.
US30USD Daily Chart
- The US30 index hit a new record high ahead of the Thanksgiving holiday, but it has headed lower this morning for the first time in five days.
- The 55-day moving average has risen to 27,160, edging higher toward possible trendline support around the 27,240 level.
- It’s Thanksgiving Day today so US cash equity markets will be closed. The US economy grew 2.1% annualized in the third quarter, a faster pace than the +1.9% expected. Durable goods orders also beat forecasts in October, rising 0.6% m/m versus -0.8% expected.
DE30EUR Daily Chart
- The Germany30 index hit the highest in more than a week yesterday but has drifted lower since the open this morning.
- The 55-day moving average has risen to 12,735. The 23.6% Fibonacci retracement of the rally from October 3 to November 12 is at 12,960.
- Euro-zone consumer confidence is expected to come in unchanged at -7.2 for November, the latest survey of economists shows. It’s been in negative territory since May 2018.
WTICOUSD Daily Chart
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- Oil prices softened yesterday after data from the Energy Information Authority showed a bigger-than-expected increase in inventories.
- West Texas Intermediate WTI has held above the 200-day moving average on a closing basis for the past six sessions. That moving average is at $57.48 today. The 61.8% Fibonacci retracement of the September 16 to October 3 drop at $58.675 appears to be capping prices for now.
- 1.57 million barrels were added to stockpiles in the week to November 22, according to the EIA data. Expectations were for a drop of 0.42 million barrels.
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