Article By RoboForex.com
The die is cast; on Sunday German chancellor, Merkel announced that she would once again be the CDU candidate for the 2017 election. Merkel stressed that she did not reach this decision with ease and had given it a lot of thought. It is of great importance to her, that in these politically difficult times, with subject such as the refugee crisis, Brexit, the rise of populist tendencies and Donald Trump´s presidency, her experience will stand for stability. She will also try to stop a left leaning coalition for obtaining power. Her style of governing will not change; rather it will be business as usual. Germans 5 top economists are criticizing that Germany is to slow in making reforms in areas such as pensions in light of good economic conditions.
The DAX is in a sideways trend. Resistance is at 10820, support at 10250.
The Euro is in a downward trend.
The USD is in an upward trend
Gold is bottoming; support is seen at 1200 USD
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WTI Oil is in an upward trend
Trade in German equities was dominated by options expiry on Friday. The DAX traded on its daily lows toward index option expiry at 13:00, then trading an upward trend to 15:00. The DAX closes -0.20%. Largest gaining stock was ProSiebenSat.1 at + 2.67%. The utility provider RWE and E.ON were the day´s largest losers. Wall Street traded down after a quiet start. The S&P 500 lost 0.24%, the weakness coming from the tech sector. The Nasdaq lost 0.38%, solar stocks showing further weakness. First Solar dropped 6.26% to a new yearly low, having lost 50% of its value since March. The Nikkei 225 starts the new week at +0.68%. Gold and WTI Oil trade up and the USD is unchanged.
RoboForex Analytical Department
Article By RoboForex.com
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