Analyst
Bearish Preference: Sell position is envisaged if price trades below 49.33 with take profit at 48.46
Bullish Preference: Buy position is envisaged if price trades above 49.87 with take profit at 50.51
Baker Hughes Oil Rig Count (US) 6 PM
Comment: The commodity is basking in the euphoria of the compromise reached at the Joint Ministerial Monitoring Committee (JMMC) of OPEC held yesterday. The committee agreed to ease production cuts by 500,000 barrels per day from January 2021, with a scheduled monthly meeting to monitor progress in the market.
Bullish Preference: Buy position is envisaged if price trades above 104.016 with take profit at 104.145.
Bearish Preference: Sell position is envisaged when price trades below 103.652 with take profit at 103.530
Average Hourly Earnings m/m (USD) 2:30 pm
Non-Farm Employment Change (USD) 2:30 pm
Unemployment Rate (USD) 2:30pm
Trade Balance (USD) 2:30pm
Comment: A $908 billion COVID-19 aid package was gaining traction in Congress on Thursday, and the Fed is widely expected to expand its bond-buying program. Both would see the dollar continue its downward trend, with bond-buying keeping yields anchored and spending increasing appetite for riskier currencies. Investors now look to U.S. jobs data, including November’s manufacturing payrolls and non-farm payrolls and due later in the day, for further clues to the U.S. economic recovery from COVID-19.
Bullish Preference: Buy position is envisaged if price trades above 13287.6 with take profit at 13377.2
Bearish Preference: Sell position is envisaged when price trades below 13173.8 with take profit at 13141.3
No major economic data with bearing on the index
Comment: Pullbacks were noticeable on the index after Pfizer slashed the roll-out target of their COVID-19 vaccine dampened sentiment of a faster than earlier predicted recovery of the global economy. DAX is expected to receive a boost from the German industrial orders data released this morning. The data showed a better than expected number of new orders raising hopes the manufacturing sector in Europe's biggest economy started the fourth quarter on a solid footing.
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