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DAX set to kick off 2024 on the front foot
On Friday the DAX was the best performing major European stock market index, when it closed 50 points higher. The index ended 2023 at 16,751. That annual close was its best ever, despite reaching a new all time high of 17,003 earlier in the month, on December 14. Since rising above its 21 day moving average back on November 2, the index trend has been defined by it remaining above that moving average ever since. Ahead of the opening today that is in place at 16,634 (as of the close on Friday). The price action since reaching above 17k last month has been one of consolidation and so it remains to be seen if that will continue, or if the index is now ready to relaunch upside momentum. Right now the outlook for the opening is certainly positive, with the DAX futures currently pricing that around 16,810
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Next up UK PMI data- GBP/USD close to session highs right now
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DAX falls back after mixed German PMI data disappoints
Following on from previous update noting the better than forecast French PMI reports, the German equivalents have just hit the screens. Ahead of this...
