DAX slips in reaction to ECB meeting by meeting approach

The reaction across the markets to the widely expected ECB rate cut has seen the EUR/USD not fall, but that was hardly much of a surprise to be honest, as this was entirely baked in. However, the DAX has fallen back on the news, dropping to below 18,700. The index had earlier peaked at 18,784. It has now fallen towards 18,675 and perhaps the one reason for that was the lack of indication from the ECB; that this would be the first in a series of cuts. The comment noted in the previous update covered the fact that the ECB will from now on take a meeting by meeting approach and will not  pre-commit to further policy action. The DAX is currently trading at 18,680