DAX: They’ll probably make a bee-line for the more important trend line taken from early 2016. Chart from Analyst, Nicole Elliott – Investors Chronicle.

 

DAX SHORT TERM TRADER: Small short at 12535; stop well above 12600. Target 11700.

DAX POSITION TAKER: Short at 12650; stop above 12655. First target 12050, then probably more.

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Powell’s Congressional testimony
US firing on all cylinders

At yesterday’s first House financial services committee testimony, the new head of the Federal Reserve Jerome (Jay) Powell sounded an upbeat note.
‘My personal outlook for the economy has strengthened since December. In gauging the appropriate path for monetary policy over the next few years, the FOMC will continue to strike a balance between avoiding an overheated economy and bringing PCE price inflation to 2 per cent on a sustained basis’.

Data from China this morning show that February’s manufacturing Purchasing Managers’ index dropped to 50.3 from 51.3 in January. This is the lowest reading in 19 months. Statistics bureau official Zhao Qinghe blamed it on the Lunar New Year falling mid-month this year, CNBC reports.

Financial & Political Commentary

 

 

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