Talking Points The DAX 30 (FXCM: GER30) made an attempt to trade higher today as yesterday’s dovish response from ...
Talking Points
The DAX 30 (FXCM: GER30) made an attempt to trade higher today as yesterday’s dovish response from the Fed boosted risk appetite, however, that initial price boost has resulted in a short-term reversal.
The trend is bullish above the ECB rate meeting low of 9397 from Thursday of last week.
Later in the day, both the Philadelphia Fed and Jobless Claim figures are on tap.
The DAX 30 (FXCM: GER30) made an attempt to trade higher today on the back of yesterday evening’s dovish Fed response.
The Fed is now via the ‘dot plot’ projecting two rate hikes from four projected in December 2015. The fragile global economy and financial market developments are cited as reasons to lower the amount of rate hikes. We also note that the Fed projects PCE inflation to be at 1.2% YoY by the end of 2016 from 1.6% in December.
The effect of the dovish Fed sent yields lower, the U.S. 2 year swap rate declining from 105bps to the current 89bps being one example. The lower U.S. yields have tended to boost stocks.
Technical Trend Remains Bullish
The short-term trend is bullish above the ECB rate meeting low of 9397 and the DAX may reach the January 13 high of 10,166. Beyond the 10,166, the next line of resistance and potential target for bullish traders is the January 5 high of 10,395.
A pullback in price could well be viewed as a buying opportunity as long as price does not slide below last Thursday’s low of 9397. On a slide below Thursday’s level, the short-term uptrend would end. In this scenario, the price may reach the February 24 low of 9122, followed by the February 11 low of 8705.
Later in the day the Philadelphia Fed and Jobless Claim figures are on tap. For the estimates and more economic indicators on tap today, see our economic calendar.
The DAX 30 (FXCM: GER30) made an attempt to trade higher today as yesterday’s dovish response from the Fed boosted risk appetite, however, that initial price boost has resulted in a short-term reversal.
The trend is bullish above the ECB rate meeting low of 9397 from Thursday of last week.
Later in the day, both the Philadelphia Fed and Jobless Claim figures are on tap.
The DAX 30 (FXCM: GER30) made an attempt to trade higher today on the back of yesterday evening’s dovish Fed response.
The Fed is now via the ‘dot plot’ projecting two rate hikes from four projected in December 2015. The fragile global economy and financial market developments are cited as reasons to lower the amount of rate hikes. We also note that the Fed projects PCE inflation to be at 1.2% YoY by the end of 2016 from 1.6% in December.
The effect of the dovish Fed sent yields lower, the U.S. 2 year swap rate declining from 105bps to the current 89bps being one example. The lower U.S. yields have tended to boost stocks.
Technical Trend Remains Bullish
The short-term trend is bullish above the ECB rate meeting low of 9397 and the DAX may reach the January 13 high of 10,166. Beyond the 10,166, the next line of resistance and potential target for bullish traders is the January 5 high of 10,395.
A pullback in price could well be viewed as a buying opportunity as long as price does not slide below last Thursday’s low of 9397. On a slide below Thursday’s level, the short-term uptrend would end. In this scenario, the price may reach the February 24 low of 9122, followed by the February 11 low of 8705.
Later in the day the Philadelphia Fed and Jobless Claim figures are on tap. For the estimates and more economic indicators on tap today, see our economic calendar.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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