DAX Index Daily Fundamental Forecast – December 15, 2017

December 16
13:07 2017

The DAX index continues with its stalemate between the bulls and the bears as the trading happens within a tight range in a mode of consolidation for much of the time. This is the same that has been happening in the markets over the last few weeks and it is likely that the same will be repeated over the next couple of weeks as well.

DAX Continues in Range

The DAX continues to chop around the 13000 to 13200 region over the last few weeks as the lack of direction in the markets is clearly showing up during this period. Yesterday, the focus was on the ECB as they had their rate announcement and statement which was then followed by the press conference from the ECB President Draghi. As expected, the rates were kept on hold and this is likely to be so for an extended period of time. During the press conference, Draghi made it clear that the QE would continue at the current levels till September 2018.

This was a boost to the stock markets as it would mean an availability of a lot of funds for buying in the markets. This led the DAX to a brief trip higher but as the trading day wore on, the effect of this announcement seemed to have less of an impact and the index slowly wound down for the rest of the day and closed jyst above the 13000 region once again. This kind of choppy action is likely to continue in the markets for the next couple of weeks.

Looking ahead to the rest of the day, we do not have any major news from Germany or the Eurozone. With the central banks also completing their round of meetings and announcements, the markets and traders would now be looking forward to the holidays and the New Year and hence the volatility is likely to die down further.

This article was originally posted on FX Empire


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