DAX 30 Gains As Chinese Exports Return To Growth
- German stocks rose in line with European ones as Chinese exports returned to growth.
- The DAX 30 is now trading above last week’s high of 9005, leaving the March high of 10,118 exposed.
- Eurozone Industrial Production declined by -0.8% MoM vs. the -0.7% expected.
- U.S. Retail Sales are to be published this afternoon.
The DAX 30 (FXCM: GER30) is up by 1.63% at the time of writing as stock market sentiment is bullish across European stock markets, following the return of growth for Chinese exports. Investors see the increase in exports as a sign of stabilization for the world’s second-biggest economy.
The export report, published overnight, showed that exports in CNY rose by 18.7% YoY from negative 20.6% in February, while imports declined by -1.7% YoY in March from -8% in February.
The DAX 30 is now trading above last week’s high of 9005, leaving the March high of 10,118 exposed. Beyond the March high, the January 5 high of 10,400 is the next important resistance level. The latest swing low and current support is last week’s low of 9437.
Eurozone Industrial Production, published this morning, declined by -0.8% MoM vs. the -0.7% expected in a Bloomberg survey. Year-on-Year the Industrial Production rose by a mere 0.8% vs. the 1.3% expected.
The lower than anticipated outcome did not immediately affect the DAX 30.
The quarterly YoY reading of Industrial Production has a correlation of 0.78 to Eurozone GDP YoY over the last 20 years.
Our forecasts for Q2 2016 are now live on the site. Download them for free.
DAX 30 | FXCM: GER30
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.