Recently information appeared that the ruling coalition in Germany (SPD, Greens and FDP) rejected Merkel's proposal to introduce a lockdown in the country. It is worth mentioning that Merkel is resigning from her position because a coalition agreement was reached.
Anyway, it is worth remembering that the DAX is under considerable supply pressure, due to the expectation of faster changes in the monetary policy in the US, but also in Europe. In the US, faster tapering is expected, given the high inflation and better data from the labor market, which could also accelerate interest rate hikes. In turn, after yesterday's good PMI data from European economies investors now expect a rate hike at the end of 2022. Among bankers, the ECB is also starting to talk about a bigger inflation problem, although the consensus still shows no need for changes in the near future.
DE30 tries to bounce back from a major support area around 15,750 pts which is strengthened by the 78.6% Fibonacci retracement of the previous bearish wave. Slightly lower one can find another important support in the form of the 50 SMA. Source: xStation5
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