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DAX erases gains, trades flat

FXStreet (Mumbai) - The German equity markets have erased gains to trade flat at the time of writing.

The Dax is trading just 0.08% up at 8894.00 levels, down from the day’s high of 8957.50. The market breadth is healthy with an advance decline ratio of 20:10. The index is being pushed lower by stocks like the It solutions provider SAP, specialty chemicals company Lanxess, which are trading down by 1.2% and 0.6% respectively. Meanwhile, the index has been supported by more than 1% gains in the Infineon and the Deutsche Boerse shares.

No major economic data are due out of the Eurozone today. Thus markets are likely to take cues from the corporate earnings and the overall global market sentiment.

DAX Technical levels

The Index has failed to sustain gains above the critical technical resistance of 8903 (Aug 8 high), opening doors for a sell-off towards 8850 levels. On the flip side, prices may once again rise to the day’s high of 8957, if the resistance of 8903 is breached.

USD/JPY hovers around 107.00 levels - FXStreet

FXStreet Editor and Analyst Omkar Godbole notes that after rising from the low of 106.245 on Tuesday, USD/JPY is trading close to 107.00 today.
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