Wednesday, 2 August 2017

What’s next? – DAX 02.08.17

Posted by Anonymous at 10:14 Labels:

DAX

The DAX futures traded 1.11 percent higher at 12,244.0 points as of 05:00 GMT on Wednesday, with a ten-year bond auction scheduled at 09:35 GMT, while market players also kept an eye on incoming data from the United States.

On Tuesday, the core PCE price index came in at 1.5 percent for June, up from a forecasted 1.3 percent growth rate. Personal spending added 0.1 percent.

Meanwhile, the Institute for Supply Management reported a slight fall on its manufacturing PMI index for July to 56.3 from a prior month reading of 57.8.

Earlier, Markit said its German manufacturing PMI for July came in at 58.1, down from an estimated 58.3 and previous 58.3. The unemployment rate was unchanged at 5.7 percent.

On Tuesday, the German benchmark closed at 12,251.29 in Frankfurt, adding 113.04 points or 1.10 percent. Top performers included Lufthansa with a 2.78 percent gain to end at 18.680, followed by EON, which rose 2.22 percent to 8.549 and Vonovia up 2.22 percent to 35.02.

The only two components moving the downside were Adidas, which eased 0.67 percent to 191.70, and pharma giant Merck down by an irrelevant 0.03 percent.

The technical summary on the hourly timeframe is strong-buy, with the first resistance at 12,318.43 and the immediate support at 12,249.64.

Trading is likely to continue being choppy for the time being as there are no strong catalysts eyed. Attention is now directed to fresh employment data in the United States, which is set for release on Friday. Before that date, don’t expect many changes on the index.

It’s important to stay tuned with the development of the EURUSD as a stronger currency could weigh on key exporters, such as German automakers, which is bad for the DAX.

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