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Not easy to join all the dots out there today- DAX rebounds as oil comes off the boil
In the previous update we noted how the Yen was weakening and making something of a mini-break above 153.75. Well that break has now extended to above 154.10 a moment go. What is also surprising about that move; is it came as oil prices fall back and Brent drops from above $102.70 and now falls towards $101.50. The move higher in the USD/JPY also sent gold below $4,380 and close to a potential break below $4,375 that we mentioned earlier.
What is clear to see though, is the impact that fall in oil has had on the DAX, which is now higher. At least that is consistent and earlier the DAX did fall below the 25,500 handle, but it did not extend very far and it has just now rebounded back above 25,570. That said, we should also remember the potential impact the ECB decision may yet have on this index a little later on. The DAX is right now at 25,565
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