Payrolls in focus as no inspiration coming from China - price action for DAX

04.05.2018 / 09:10

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European traders may have been hoping for a spark from the U.S.-China talks after Mnuchin said there was a very good conversation. But all that Asian equities offered was a shrug, so it's a typical nonfarm payrolls Friday after all.

Stocks face more risk from a strong jobs report than from a muted one. While China corporate bonds can keep on rallying, thanks to declining government bond yields, notes Wes Goodman.

Data highlights include composite and services PMIs for Spain, Italy, France and Germany. ECB speakers will be Constancio and Weidmann.

The 1-hour DAX chart is in a short-term upward trend, with a flag being formed. Today, the price opened with a gap above the trend-confirming flag. Opportunity to position for a long after a test of the breakaway.

DAX H1

Source: Bloomberg Pro Terminal

Trader Aleksandar Kumanov

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Payrolls in focus as no inspiration coming from China - price action for DAX

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