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DAX Modestly Higher; Scout24, Deutsche Telekom Among Top Gainers
Despite lingering concerns about workforce disruption due to artificial-intelligence related layoffs, German stocks are modestly higher Friday morning, led by some strong gains at select counters.
The benchmark DAX, which climbed to 25,407.75 earlier in the session, was up 59.90 points or 0.25% at 25,337.60 a little while ago.
Scout24, Deutsche Telekom and Siemens Energy are gaining 2.7%, 2.5%, and 2.1%, respectively. Merck is rising 1.7%, RWE is moving up 1.35% and Heidelberg Materials is up 1.2%.
FX option expiries for 27 February 10am New York cut
EUR/USD at the 1.1800 level. The expiries keep nearby the confluence of the key hourly moving averages, seen at 1.1795-00 currently. As such, that might at least help to keep price action more locked in around the figure level in European morning trade. That at least until we get to US trading and the expiries roll off.
The only real risk in the session ahead would be from euro area CPI data, in which we will see the likes of France, Spain, and Germany all reporting. So barring any surprise headlines on geopolitics and trade, that will be the only focus. If there aren’t any major outliers in the data, price action might well remain more muted in sticking to the expiries level above.
[MARKET UPDATE] As US participants arrive, crude is extending on gains, and at fresh session highs, while spot gold jumps higher, currently sitting at c. USD 5,213/oz
US PRE-MARKET MOVERS: Mag-7, XYZ, DELL, NFLX/WBD/PSKY, INTU, ZS, CRWV, FLUT, DUOL
EURGBP UPDATE
- It is not clear how much of GBP selling has been due to UK politics and how much due to month end where EURGBP tends to be one of the more active flows. Keep an eye on the 4PM London fixing where there is often a lot of action in this cross.
- In any case a firmer EURGBP (and softer GBPJPY) are helping to keep EURUSD focused on 1,18 (currently just above) while GBPUSD trades below 1.35.
- EURGBP .8800 is a pivotal and potential formidable resistance while EURGBP keeps a bid if it stays above .8706, stronger if above .8750.
EURGBP DAILY CHART
XAUUSD (GOLD) UPDATE
In the background for now
- Continues to trade within a broad 5093-5249 where 5200 is pivotal in setting the intra-day tone and layers of support/resistance above/below both ends of that range.
- How XAUUSD trades vs. 5200 will eventually dictate whether it can make a run at the record high or not but bulls unlikely to give up the fight unless sub-5000 trades.
XAUUSD 1 HOUR CHART
Forex Market Snapshot
- TGIF but it is month end so be on guard for erratic price actikn.
- The dollar is trading mixed and close to unchanged in a week where follow through has proved difficult.
- EURUSD has again pivoted 1.18
- USDJPY is pivoting 156 after failing to hold its 156.29 breakout this week
- GBPlUSD is trading below 1.35 as market digests the UK govt bi-election loss
- US data due today: Jan PPI. Trading flows likely driven by month end and/or the latest headline. Some are already looking ahead to next Friday’s US NFP.
NAS100 (NASDAQ) UPDATE
- It’s not clear how whether the sell-off was due to tech concerns, US-=Iran talks or a combination.
- On the downside, the above 24610 should give bulls some hope but this was offset by the failure above 25400.
- This leaves 25000 as the pivotal level that will set the intra-day trading tone.
NAS100 4 HOUR CHART
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