Stocks Fall On Trade Deal Delay, U.K. Brexit Extension Vote

  


Wall Street rally stalls on talk of trade deal delay

Wall Street indices closed in the red yesterday following a Bloomberg report that any U.S.-China trade deal would not be concluded this month. PM May won endorsement from politicians to request a Brexit extension from Europe.

US30USD Daily Chart

US30USD Daily Chart

Source: OANDA fxTrade

  • The index closed lower yesterday, capped by speculation that the proposed Trump-Xi summit to sign off on a trade deal at the end of this month would be postponed
  • The 200-day moving average is at 25,149 and has remained untested since Feb. 12
  • The is expected to extend the recent positive run in March, with estimates suggesting a reading of 10 from 8.8 last month.

DE30EUR Daily Chart

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The index gave back early gains to close lower yesterday
  • The index is still sandwiched between resistance at the 200-day moving average at 11,795 and rising trendline support near 11,370
  • Euro-zone consumer prices are seen unchanged at +1.5% y/y in February, echoing the picture painted by Germany‚Äôs data yesterday.

CN50USD Daily Chart

CN50USD Daily Chart

Source: OANDA fxTrade

  • shares closed marginally lower yesterday, and could fall further if the market takes to heart the chance any U.S.-China trade deal will be delayed until April
  • The 38.2% Fibonacci retracement level of the 2019 rally is at 12,111
  • Foreign direct investment data for February are due today after rising 4.8% y/y in January.

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