Wall Street consolidates at record levels
US indices climbed to record levels again Friday as the current trend continues. US data was disappointing while oil prices rose as a Libyan commander blocked exports from ports under his control. US cash equity and bond markets are closed for Martin Luther King Day.
US30USD Daily Chart
The US30 index hit new highs on Friday though volumes were subdued ahead of the long weekend
The 55-day moving average, which has supported prices since October 10, has moved up to 28,212
US industrial production fell 0.3% m/m in December, data released last Friday showed, which was worse than the -0.2% expected. There are no US data releases scheduled for today.
DE30EUR Daily Chart
The Germany30 index advanced for a second day on Friday, boosted by the positive vibes from Wall Street
The index is above the 55-day moving average at 13,232, which has supported prices on a closing basis since October 8
German producer prices probably rose 0.1% m/m in December, according to the latest survey of economists. That a marginal increase from November’s flat reading.
WTICOUSD Daily Chart
Oil prices rose in early trading this morning after Libyan oil exports were partially blocked, with West Texas Intermediate (WTI) reaching the highest in 10 days
The 100-day moving average at $57.27 remains intact and has acted as a price support since December 3
The API weekly crude oil inventory data will be delayed until Wednesday this week due to the public holiday today. Last week saw an increase in inventories of 1.1 million barrels.
