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DAX falls further as Germany headed for a technical recession

The latest reports on the outlook for German growth have just been released from official sources and the prospect of the country falling into a technical recession is live. The first estimate for German Q4 growth has just been estimated at -0.3%. That is subject to revision, but it could be revised lower as well and the reaction in the DAX to this news has now seen the index fall further. The alarm bells for the index were already ringing when it fell below 16,704 a little earlier this morning and now that fall has extended close to 16,625. It is above that low right now and the EUR/USD is unfazed, which is perhaps a little surprising. That said, I do not think the FX markets were surprised by this report and were well aware of it beforehand. The DAX is just now trading at 16,655
 

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