DAX is one of the most popular indexes in the world. It is listed on Frankfurt Stock Exchange. Virtually every day there is very high volatility which gives many trading opportunities.
Session Summary 01.06.2017
Yesterday Dow Jones Industrial, S&P 500 and NASDAQ COMP indexes were at historic highs, gaining respectively 0.65%, 0.76% and 0.78% due to good data from the US.
Employment according to ADP report increased by 253k places, with a forecast of 185 thousand. We also saw a better than expected ISM index for industry, the equivalent of PMI index. Today we will know the government data. Investors are likely to focus on hourly pay, and secondly on non-farm payrolls, NFPs, and unemployment rates. Wage dynamics will help assess how much Fed will have to hurry to raise interest rates in order to cope with translation of wage pressure on inflation.
On such good mood Europe also gained. DAX index rose 0.40% yesterday and was clearly heading for historical maxima around 12800 points.
DAX Intraday
DAX after opening the cash market literally shot up to stop just around the resistance of R3 12800 points. Breaking this level will allow to move further north. In turn, downward correction may wander near R2 12750 points.
Key data for the DAX index
09:55 – Producer inflation in the euro area
14:15 – Situation on the US labor market
