The Dax started the trading day on Friday with a slight change, calculated at around 20,335 points by 9:30 am, just 0.1% above the previous day’s closing level.
“Due to the US market holiday, trading volume in the Dax was unusually low yesterday” said Thomas Altmann of QC Partners. “This will change today. The big and decisive question is currently whether there are enough follow-up buyers after the positive year-start or if the first ones in the all-time high area will become more cautious. So far, the sentiment on the stock market is positive, with both the Dax and the Euro Stoxx 50 showing an unusually low volume of hedging positions.”
The highlight of the trading day is undoubtedly the US labor market report for December. “A strong labor market report could further slow down the already dwindling hopes for rapid interest rate cuts. Additionally, the development of wages in today’s report is under special observation by investors and the Fed. In the last report, the inflation rate picked up again. If wages continue to rise quickly, the US central bank can hardly delay interest rate cuts” Altmann said.
The European common currency was slightly weaker on Friday morning: one euro cost $1.0298, and one dollar was worth $0.9711 in euros.