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Levels to watch: FTSE, DAX and S&P 500

Stock markets are seeing the impact of currency fluctuations once more, while in the US all eyes turn to non-farm payrolls.

Data feeds reflected in a trader's glasses
Source: Bloomberg

FTSE 100 pushes higher overnight

Currency fluctuations have been playing a major part here, with the overnight activity pushing the index higher. As the session gets underway there is a clear degree of caution surrounding UK assets, but for the time being there seems little desire to push the index back to 7000, the first support level to watch for.

Any bounce needs to clear 7060 and then move on to 7132. If 7000 is broken then we look towards 6939, and then the rising trendline from the mid-September low, which comes into play around 6900.

FTSE 100 price chart

DAX downside prevented by euro weakness

Euro weakness is likely preventing further downside here, but it is safe to say European markets are stuck between a ‘risk-off’ mentality and the idea that European markets are cheaper in dollar terms thanks to the euro fall.

Yesterday saw the index rally to 10,650, and then drop back, and now it is heading towards the 10,450 zone where buyers have stepped in over the past week. 

DAX price chart

S&P 500 upward progress hindered

So far, 2165 has held back upside progress, with a break above here likely to target 2175 and then 2180. Bulls may find it hard to get momentum going with NFPs still to come, but as long as 2140 holds they still have the upper hand.

A drop through 2140 would still see possible support at the rising 2016 trendline around 2130.

S&P 500 price chart

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