Monday, 7 August 2017

What’s next? – DAX 07.08.17

Posted by Anonymous at 14:06 Labels:

DAX

The DAX futures traded 0.16 percent higher at 12,311.5 points as of 07:30 GMT on Monday, with market participants recovering the risk mood on the back of upbeat US jobs data.

The German benchmark ended 1.18 percent or 143.0 points higher in Frankfurt on Friday to trade at 12,297.72, with technology, consumer goods and financials rising during the session.

Best performers included Infineon, which added 3.81 percent to end at 19.23, followed by Adidas up 3.52 percent to 199.95 and Commerzbank growing 3.47 percent to 11.635.

Moving to the downside were Siemens, easing 0.84 percent to trade at 111.55 and Merck down 0.28 percent to 92.59. Volkswagen closed unchanged.

The index was clearly supported by optimism and risk-on sentiment on Friday following upbeat employment figures for July in the United States, which increased chances for a third rate hike.

The US Labor Department said 209,000 jobs were added in the previous month, above from an initially estimated 183,000. The unemployment rate ticked down to 4.3 percent, while average hourly earnings advanced 0.3 percent marking its largest move since October 2016.

The index is currently overbought in the hourly timeframe and sees an immediate resistance in 12,265.53. The first support is found at the 12,327.40 mark and the pivot is now at 12,292.53.

Jobs data contributed to push down the EURUSD, which is good for German exporters and therefore is good for the DAX index. In our view, there is still place for further growth, at least until the 12,500 level and eventually extended to the 13,000.

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