German Exports Data Beat Forecasts DAX Index Muted
DAX Index and European indices started the week in cautious mode ahead of Fed and ECB decision and the critical elections in UK on Thursday. Investors are receiving mixed signals from the trade talks between China and the USA, as we approach the December 15th new tariffs on Chinese imports, deadline.
Germany Exports surprised positive as the figure came in at 1.2%, topping expectations of -0.3% in October. The Imports came in at 0%, also above forecasts of -0.1% for October. The Germany Trade Balance s.a. came in at €20.6B, above analysts expectations of €19B while the current Account n.s.a. came in at €22.7B beating forecasts of €19.5B.
The German manufacturing sector continues to disappoint, on Friday the Industrial Production s.a. (month over month) came in at -1.7% below economists expectations of 0.1% in October, the previous reading was at -0.6%.
Dax 30 index gives up 0.06% at 13,158 close to five-month highs as the momentum is bullish. On the downside Dax first support stands at 13,138 the daily low, the next target to the downside is the 100-day moving average at 12,140. In case DAX breaks lower then the next support will be met at 12,089 the 50-day moving average.
On the other hand the Dax index immediate resistance stands at 13,170 the daily top, a credible break above will pave the way for an attempt at 13,335 the high from last Friday’s session, before any attempt to the year-today highs at 13,375.More content