{"id":147316,"date":"2019-05-09T06:50:19","date_gmt":"2019-05-09T10:50:19","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=147316"},"modified":"2019-05-09T06:32:55","modified_gmt":"2019-05-09T10:32:55","slug":"market-remains-mixed-on-us-china-trade-deal","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/05\/market-remains-mixed-on-us-china-trade-deal\/","title":{"rendered":"Market Remains Mixed On US-China Trade Deal"},"content":{"rendered":"
May 9, 2019<\/div>
\r\n<\/div><\/div>

By <\/strong>Orbex<\/strong><\/a><\/p>\n

The US and China trade war took a new turn yesterday. President Trump tweeted that Chinese delegation would be coming to the US to make a deal. This kept the risk-off sentiment in check.<\/p>\n

However, the Washington administration was also preparing the paperwork to formally raise the tariffs from 10% to 25%, effective Friday. Meanwhile, data from China showed that the trade surplus for April was $13.84 billion. This was lower than the estimates of $35 billion.<\/p>\n

Euro Muted to German Industrial Production<\/strong><\/h2>\n

Industrial production in Germany<\/a>\u00a0grew at a pace of 0.5% on the month in March. This beat estimates of a 0.5% decline for the same period. Data for February was revised lower from 0.7% initially to 0.4%. ECB President Mario Draghi also gave a speech where he said that the central bank\u00a0\u201cwill not accept\u201d<\/em>\u00a0defeat on the inflation target.<\/p>\n

No Respite to the EURUSD Sideways Range<\/strong><\/h3>\n

The common currency continues to trade flat within the levels of 1.1140 and 1.1226. As long as price maintains this range, we expect to see no major shifts to the currency pair. The bias could, however, tip to the upside if we see a breakout above 1.1126. To the downside, price continues to trade near the previous lows and unless the euro breaks down below 1.1140 further declines are unlikely in the near term.\"EURUSD\"<\/a><\/p>\n

Oil Posts Modest Gains as Crude Inventories Fall<\/strong><\/h2>\n

Crude oil prices posted modest gains on the day on Wednesday, rising 0.89%. The weekly crude oil inventory report from the Energy Information Administration (EIA) was released. US stockpiles fell by 3.9 million barrels to 446.6 million last week. Oil prices also got a boost after China\u2019s oil imports touched 10.64 million barrels for April.<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

WTI Likely to Correct Higher in the Short Term<\/strong><\/h3>\n

Crude oil<\/a>\u00a0prices have settled into a range within 62.85 resistance and 60.33 support. However, the short term charts indicate that oil prices could breakout higher to test the 62.85 region. This could mark a modest correction to the upside amid the medium term bearish outlook. A reversal near 62.85 would set oil prices on the path to test the lower support near 57.50.<\/p>\n

\"WTI\"<\/a><\/p>\n

Gold Retreats from a Three Week High<\/strong><\/h2>\n

The precious metal was looking bullish on Wednesday, fueled by the uncertainty due to the US and China trade wars. However, after gold prices rose to touch a three-week high, prices retreated sharply into Wednesday\u2019s close. The pullback came after President Trump\u2019s recent tweets on China.<\/p>\n

Gold Settles Back into the Range<\/strong><\/h3>\n

XAUUSD tested the highs of 1290, a resistance level that was well within sight. However, the pullback from this level has sent gold prices back to trade within the range of 1285 and 1273. A bearish follow-through is required from here in order for gold prices to extend declines lower. In the near term, any rallies to the 1285 level could likely be met by more selling. Watch for a break below 1273 for gold to continue its descent.<\/p>\n

\"xauusd\"<\/a><\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex The US and China trade war took a new turn yesterday. President Trump tweeted that Chinese delegation would be coming to the US to make a deal. This kept the risk-off sentiment in check. However, the Washington administration was also preparing the paperwork to formally raise the tariffs from 10% to 25%, effective […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-147316","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=147316"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147316\/revisions"}],"predecessor-version":[{"id":147328,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147316\/revisions\/147328"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=147316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=147316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=147316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}