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DAX continues to lead European losses

Following on from the previous update looking at the price action in the Dow Jones, that index has now fallen below the 37,500 mark. At the same time the stock markets here in Europe and still under pressure and that has seen the DAX continue to lead the losses. The index has now fallen to below 16,500 this afternoon. That is quite some way below the highs seen yesterday morning and further testament to the shift in direction since the start of trading yesterday. The further losses in the DAX come as the dollar brushes aside the immediate reaction lower to the US data this afternoon. The EUR/USD is back under pressure and not far above session lows. This is adding pressure on the DAX, which is just now trading at 16,502

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