A key price driver was the result of the crisis meeting between US President Donald Trump and EU Commission President Jean-Claude Juncker the night before, when both sides had surprisingly agreed on a plan to settle the customs dispute. Trump and Juncker now want to start discussions on the complete abolition of tariffs on industrial goods. Possible tariffs on the importation of European cars in the US are therefore for the time being off the table. The auto stocks benefited from this, especially those of BMW with an increase of 4.42 percent and just behind Volkswagen (Volkswagen (VW) vz) with a premium of about 4 percent.
By contrast, the results of the most recent European Central Bank (ECB) meeting had only a minor impact on prices. After the ECB sticks to its gradual exit from ultra-loose monetary policy , but President Mario Draghi emphatically stressed that interest rates will remain at an extremely low level for a long time, the euro weakened.
27-07-2018 Dax Analysis
- Bullish above ‘463 CFD (‘455 futures)
- Expected targets ‘833 CFD (recently hit) and 13k
- Expected retracement zones 710-750 and 515-540
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