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The Germany 30 is trading at 9903, down 0.5% on the day after a surprise drop in eurozone inflation and unemployment left traders in two minds about the European Central Bank’s meeting on Thursday. Today’s data contradicts itself; lower inflation would suggest Mario Draghi will pursue a monetary easing policy in two days, but then again he may use the decline in the jobless rate as an excuse to keep his policy unchanged.
Mario Draghi has already achieved a weaker euro by suggesting that he may loosen monetary policy, and traders have been buying eurozone equities in anticipation of easing. We have seen some profit-taking this morning as there is no clear indication which way Mr Draghi will move.
As Chris Beauchamp stated, the upward strength is lacking and it feels like the DAX is running out of steam. If we drop below the 200-hour moving average of 9980, the next important level down would be 9800. I suspect we will not see the index flirting with 10,000 before the meeting on Thursday.