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Money Flows before the start of European trading

The yen appears to be the most noticeable currency this morning, gaining little territory, and the USD/JPY pair returned to levels close to 112.00 again after briefly rising up through the night.

The other major currencies remain relatively quiet after falling against the dollar yesterday as the greenback again showed that it should not be underestimated, winning the title of the “cleanest shirt among the dirty.”

Anyway, from economic news stand point, we are expecting a quiet session before the durable goods orders in the US and the jobless claims later in the day.

Asian markets recorded declines, with stocks in China losing the most. Shares on the mainland are falling for a full week, as fears of a potential halt to China’s stimulus measures have an impact on investors’ moods.

This uncertainty is also reflected in Europe, where futures of major stock indices will open in mixed territory:

UKX: 7.477 +3 points
DAX: 12,316 +9 points
CAC: 5,577 -2 points

The DAX is located right on the trend line, as well as the diagonal resistance, part of a descending channel. This level deserves attention as it will attract a large number of sellers. Since the beginning of 2018 the trend has been forming lower highs and deeper lows. If the price remains below, a new downward impulse is possible in the direction of long-term main movement. Breakthrough – a possible end to the negative trend and test of the historic peak.


 Trader Aleksandar Kumanov


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