Wall Street falls despite strong US data
A rise in the number of new CoVid-19 cases outside of China saw US indices slide yesterday, despite data indicating the US economy is performing well.
US30USD Daily Chart
The US30 index fell yesterday and looks to be extending those losses at this morning’s open. It could be a nervous session today.
The index fell to a 10-day low and could test the 55-day moving average at 28,795. The 100-day moving average is at 28,190
The Philadelphia Fed manufacturing survey posted the highest reading in 30 years in February, while the leading index was the highest since 2017, suggesting the US economy is doing well. Today’s data includes flash PMI readings from Markit for February and existing home sales for January.
DE30EUR Daily Chart
The Germany30 index closed lower yesterday after touching the highest level on record since 2003
The index remains above the 55-day moving average at 13,379 while the 100-day average provides longer-term support below at 13,134
Germany’s flash PMI reading for February is expected to fall to 44.8 from 45.3 last month. That would be the weakest reading in three months.
WTICOUSD Daily Chart
West Texas Intermediate (WTI) hit the highest since January 24 yesterday before retreating to finish flat on the day. Strong US data helped propel prices higher but a rise in the number of CoVid-19 cases outside China prompted the sell-off
The 100- and 200-day moving averages are at $56.30 and $56.355, respectively
Weekly crude oil inventories data from the Energy Information Authority showed a smaller-than-expected increase in stockpiles in the week to February 14. Just 400,000 barrels were added versus the 2.5 million analysts had expected.
