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The DAX 30 slides Ahead of NFP

The DAX 30 slides Ahead of NFP

2016-04-01 09:03:00
Alejandro Zambrano, Market Analyst
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Talking Points

  • The DAX 30 tests last week’s low as European shares slide.
  • Markit German Mfg. PMI (final) rises to 50.7 vs. the 50.4 expected.
  • Overnight, Japanese data have disappointed economist expectations, while Chinese have beaten them.
  • Volatility could move up a gear this afternoon as U.S. NFP and ISM are on deck.

The DAX 30 (FXCM: GER30) slips near to last week’s low and at the time of writing the index is lower by 1.03%.

Last week’s low of 9758 is a short-term support level, while the ECB March 10 low of 9397 is the multi-week trend defining level. The March 10 low of 9397 is set as the trend defining level as it’s the most recent swing low. The trend is bullish on the back of the March 10 low of 9397 being higher than the February 24 low of 9122.

Overnight the Japanese survey, Tankan, failed to meet expectations which sent the Nikkei lower by 3.55%.

In China an official survey, the China Manufacturing PMI, unexpectedly expanded in March for the first time in nine months. The index rose to 50.2 vs. the 49.4 expected, while the Non-manufacturing PMI for March printed 53.8 from 52.7 in February. The independent Purchasing Managers Index by Caixin did also beat expectations as it rose to 49.7 vs. the 48.3 expected (Bloomberg news survey).

This afternoon, the focus will be on the U.S. labor market report (NFP) followed by the U.S. ISM Manufacturing results. The Change in Nonfarm Payrolls is seen at 205k, the Unemployment Rate at 4.9%, and Average Hourly Earnings (YoY) at 2.2% according to a Bloomberg survey.

The U.S. ISM Manufacturing is expected to rise to 50.7 from 49.5 and a reading above 50 would indicate an expansion to the battered manufacturing sector, an outcome that would most likely be welcomed by the Fed. Indeed in her speech ‘The Outlook, Uncertainty, and Monetary Policy’ published earlier this week, Fed Chairwoman Janet Yellen highlighted the sector as a trouble spot within the U.S. economy.

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DAX 30 | FXCM: GER30

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Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano

--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com

Contact and follow Alejandro on Twitter: @AlexFX00

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

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