Wall Street struggles to make further headway
Despite strong Q1 growth data from China and strong earnings reports from the transport sector, US indices struggled to post additional gains, with only the NAS100 index moving higher. The Australian jobs report is due today.
US30USD Daily Chart
The US30 index gave back early gains to close little changed yesterday after failing to push above Tuesday’s six-month high
The rising 55-day moving average support is at 25,820 today
US retail sales are expected to grow 0.9% m/m in March, according to the latest survey. That would be the fastest increase since September 2017.
DE30EUR Daily Chart
The Germany30 index rallied for a sixth consecutive day yesterday, assisted by the better performance by the Chinese economy
The index touched the highest since October 5 and is now comfortably above the 61.8% Fibonacci retracement level of the May-December drop at 12,089. The 78.6% retracement is at 12,581
Germany’s Markit flash manufacturing PMI is seen rising to 45.0 in April from 44.1 in March. The services PMI is expected to slip to 55.1 from 55.4.
AU200AUD Daily Chart
The Australia200 index climbed to the highest since September 4 in early trading this morning ahead of the March employment report
The index could be facing tough resistance above 6,300, with three recent highs failing to close above the level
The Australian economy probably added 12,000 jobs in March, according to the latest survey. The unemployment rate is expected to tick higher to 5.0% from 4.9%.
