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Asset Watch
Thursday, September 14, 2023
All eyes will be on the ECB meeting decision coming today at 16:15 UAE time and the press conference of the ECB president Ms Lagarde 16:45. Markets expect the central bank to keep interest rates unchanged for the first time since the start of the rate hikes cycle last year. However, the focus will be on the ECB tone in the press conference to get more insights of the number of rate hikes the central bank could deliver until the end of this year. Investors will be interested to find out about the time when the central bank may start cutting rates, given the economic deterioration in the economic activity in the Eurozone especially the manufacturing one.
It is worth noting that, if the ECB opts to surprise the market and hike rate in this meeting this could have a positive impact on the Euro price against the rest of major currencies, and negative impact on the European stocks.
Chart source ADSS Platform
On August 25, the Dax corrected higher as created a higher low at 15578 then the price remained below the 50-day simple moving average indicating to the lack of a bullish momentum. Currently, the price moves in the trading zone located between 15707- 15456 and could be on the way for a test of the low end of that zone. Hence, a daily close below that level could encourage some traders to press the index even lower towards 14933. However, the support levels residing at the 200-day moving average and 15299 should be monitored.
On the other hand, a daily close above the high end of the aforementioned trading zone may embolden bulls to rally the price towards 15966. Nonetheless, the resistance level located at the 50 simple moving average should be kept in focus.
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