News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
More View more

BoE Chief Econimist (Hawk) is to Step Down From BoE After June Meeting

Real Time News
  • NY Fed Treasury purchase schedule remains unchanged - BBG
  • Silver posting a strong session, now up 2.3% on the day. In recent trade, silver has struggled to break above the 50-day EMA $XAG $USD
  • Bitcoin sets another record high. BTC/USD gains traction in anticipation of Coinbase IPO. Get your $btc market update from @Tams707 here:
  • Heads Up:🇺🇸 Fed Bostic Speech due at 19:15 GMT (15min)
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 2.28% Gold: 0.78% Oil - US Crude: 0.14% View the performance of all markets via
  • Mitch McConnell: There is no GOP support for repealing the tax bill $USD
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.36%, while traders in France 40 are at opposite extremes with 75.62%. See the summary chart below and full details and charts on DailyFX:
  • The US Dollar (via the DXY Index) continues to trade lower after losing the uptrend from the February and March swing lows. Get your $USD market update from @CVecchioFX here:
  • Fed: - Directors of the Federal Reserve saw inflation increasing to 2% or even above
  • Fed: - Directors saw economic recovery gaining momentum - Directors are upbeat about the future, but there is still a lot of doubt - No change in the discount rate was requested by directors of all 12 districts
DAX 30 May Lead Nikkei 225 and S&P 500 Higher, EU GDP Data in Focus

DAX 30 May Lead Nikkei 225 and S&P 500 Higher, EU GDP Data in Focus

Margaret Yang, CFA, Strategist


  • DAX 30 may lead Asia-Pacific stocks higher. Today’s EU GDP figure is in focus
  • S&P 500 index may rise after the holiday break, as the VIX volatility index falls
  • Japan’s Nikkei 225 index may attempt to challenge resistance at 23,300 again

DAX 30Index Outlook:

European stocks shrugged off a sharp decline seen last week, ending impressively higher on Monday while the US markets closed for Labor Day holiday. Germany’s DAX 30 and UK’s FTSE 100 index surged 2.01% and 2.39% respectively. This might lead Asia-Pacific stock indices higher, including the Nikkei 225, Hang Seng Index (HSI), and Straits Times Index (STI).

On the macro front, the market foresees Eurozone’s 2Q GDPto have declined at an annualized pace of 15% in the second quarter - its deepest contraction seen in more than two decades. This expectation, however, has largely been priced in the currency and stock markets. A large deviation from the consensus will, however, likely see volatility spike in the Euro and DAX 30 later today.

Top Trading Lessons
Top Trading Lessons
Recommended by Margaret Yang, CFA
Top Trading Lessons
Get My Guide

Yesterday’s China trade balance data also gave market sentiment a boost as export growth hit 9.5% YoY in August, a level not seen since March 2019. Imports fell 2.1% from a year ago, but still marked a great improvement from the double digit declines seen in April to May 2020.

Sector-wise, all eleven DAX 30 sectors ended higher. The rally was led by information technology (+3.03%), real estate (+2.75%), consumer discretionary (+2.38%) and materials (+2.37%) – a clear “risk on” pattern.

Euro Area Gross Domestic Product YoY (Forecast)

DAX 30 May Lead Nikkei 225 and S&P 500 Higher, EU GDP Data in Focus

Source: Bloomberg, DailyFX

Technically,the selloff seen last week didn’t seem to have derailed DAX’s upward trajectory. The index remained in a bullish trend with its 20-, 50-, and 100-Day Simple Moving Average (SMA) lines sloping upwards. An immediate support level can be found at 12,880 (50-Day SMA). Breaking the 50-Day SMA will likely lead to further consolidation towards the 76.4% Fibonacci retracement level at 12,450 (chart below).

DAX 30Daily Chart

DAX 30 May Lead Nikkei 225 and S&P 500 Higher, EU GDP Data in Focus

S&P 500 Index Outlook:

The S&P 500 index looks set to rebound from Friday’s losses, as traders return from holiday with a refreshed mood. A lower-than-expected unemployment rate alongside a decent non-farm payrollincrease is likely to underpin the mid-term recovery story. An improved fundamental outlook, as suggested by recent job and PMI data, is likely to send the US Dollar higher and limit the depth of the stock market selloff.

Technically, the S&P 500 index suffered a technical correction of a magnitude of 6.5% last week. The index, however, still remained within its “Ascending Channel” as shown in the chart below. The technical pullback might again serve as a healthy correction within a mid-term bull market. Immediate support levels can be found at 3,400 (100% Fibonacci extension) and then 3,345 (50-Day SMA).

S&P 500 Index Daily Chart

DAX 30 May Lead Nikkei 225 and S&P 500 Higher, EU GDP Data in Focus

NIKKEI 225 Index Outlook:

Technically, the Nikkei 225 index is challenging resistance at 23,300, which has been tested a few times without a meaningful breakthrough. Failing to break this level again will probably see a pullback towards immediate support levels at 22,800 (50-Day SMA) and then 22,400 (100-Day SMA).

NIKKEI 225 Index – Daily Chart

DAX 30 May Lead Nikkei 225 and S&P 500 Higher, EU GDP Data in Focus
Building Confidence in Trading
Building Confidence in Trading
Recommended by Margaret Yang, CFA
Don’t give into despair, make a game plan
Get My Guide

--- Written by Margaret Yang, Strategist for

To contact Margaret, use the Comments section below or @margaretyjy on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.