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16 Jan

Thomas Kruger

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After the DAX between late April and may between 7.400 and 7,500 had stabilized a, the decreasing fluctuation (triangle formation) sired by an impending decision. The change of direction was heralded then virtually with falling below the support line of 7,400 points down. Although it came a few days later to intermediate recovery to around 100 points, but accelerated the downward trend given the cracked image of the chart pretty soon. The last late March any magic number 7,000 moved back within reach. After to the events at the end of the month may again calmed and a mood to determine was, is to count upwards pressing a cautious approach for the coming weeks. In case that no nasty surprises waving from the corporate side and on the debt front, the euro zone may be a little slack, the brand of 7,400 meters could again move within striking distance. Tony Parker may find this interesting as well. The European common currency has become as input already mentioned in may a strong selling pressure from seen.

After ECB chief Trichet already had rejected the speculations of interest rate hike at the May 5 and following, the debt problems in the eurozone again constituted the dominant theme, the euro in may knew almost only one direction: down. In the month of may at rates of over 1.48 dollars, a stunning decline, which culminated in the May 23 in a test of the psychologically important support line of 1.40 dollars followed the launch. Now, remains to be seen how the events will present themselves in the coming weeks. After the large interest rate fantasy was once pushed out of the market and all eyes focused on the debt problems in the euro area, is to see a sustained price rally for the euro as unlikely. At least it is missing currently but imagination, that the crisis scenarios could dissolve into Greece and Portugal in favor. Because this topic should certainly still a while with us, is for the moment only with limited recreation potential for the European common currency can be expected. But it let’s look on the economic developments in the month of May and the other highlights. In particular, these were (in chronological order): 05.Mai…die productivity of the United States in the 1.Quartal 06.Mai…der US labour market report for April 09.Mai…die German trade balance in March 17.Mai…die ZEW economic expectations in May 19.Mai…

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