A Crucial Test for DAX at 15,500 Points

A Crucial Test for DAX at 15,500 Points
Good morning, traders! As we sail into the final trading day of the week, let’s first reflect on Thursday’s events and anticipate the day ahead.
Thursday set a lively tone. The standout was New Zealand's GDP data, portraying a robust economic picture with growth at 0.9% against a mere 0.4% expectation. The Kiwi dollar surely relished this upbeat news. Meanwhile, Switzerland and the UK threw a curveball at the market, both choosing to keep their interest rates unchanged. Switzerland's surprise decision saw the Swiss franc under pressure, while the pound, already grappling with Wednesday's underwhelming inflation figures, remained subdued.

But, it wasn't just the currency markets that were astir. Indices too witnessed notable movements. The Dow Jones, after having signaled bearish intent earlier in the week, continued its trajectory, with traders keenly observing its reactions around critical support levels. The DAX found itself teetering at the 15,500 point mark, a critical juncture that could decide its direction in the near term.

As we transition to Friday, Japan set the early mood, keeping its interest rates unchanged, a decision very much within expectations. But the day's heavyweight events are yet to unfold. Traders are gearing up for the PMIs from prominent economies. Early indications paint a bleak picture with most expected to register below 50, a contraction. The lone exception, as of now, is the US services sector, hinting at resilience amid global slowdowns.

Now, to the technical terrain: EURUSD continues its descent, with traders watching its channel down pattern. The USDCHF's dance around the pivotal 0.91 resistance remains a focal point. Over in the commodities market, oil's bearish sentiment from the week seems to persist, and traders will be looking for any signs of a shift in momentum.
Show More Articles
Axiory uses cookies to improve your browsing experience. You can click Accept or continue browsing to consent to cookies usage. Please read our Cookie Policy to learn more.