Daily Chart - DAX Index CFD - still struggling to make sustained move higher.
European markets are all slightly stronger with FTSE at 7160 up 21 , the DAX at 12244 up 23 and CAC is at 5251 up 8 , after a weak end to the US session and followed by weakness also across Asia on the basis that a Trade war between China and the US is more likely.
Markets have also watched a speech by ECB chair Mario Draghi where he discussed the current monetary policy - he basically said inflation was moving in the correct direction (higher towards 2.0%) but that the ECB can remain patient. He also said that rates will remain very low for a long time. The EUR has weakened on the back of these comments to be trading at 1.2376 down 14 , with GBP at 1.3960 down 2 , and JPY at 106.52 down 5.
The threat of retaliation in the trade war has increased as Trump now talks of adding tariffs to other Chinese products , so markets are cautious until they see how widespread this becomes.
Investors are waiting for Eurozone Industrial Production due out shortly and expecting 5.0% y/y.