The DAX index has jumped in the Wednesday session. Currently, the DAX is trading at 11,606, up 1.07% on the day. On the release front, German industrial production posted a gain of 0.2%, above the estimate of 0.0%. Eurozone retail sales improved to 0.0%, shy of the estimate of 0.1%. On Thursday, Germany releases trade balance and the eurozone publishes its economic forecasts.

European markets have posted gains on Wednesday, as investors expressed relief that the mid-term election uncertainty is over and the slugfest ended up as a split-decision. Had the Democrats taken back both houses of Congress, Trump would have been a lame duck for the next two years, and he would have had great difficulty passing any further market-friendly reforms. After a rough October for the DAX, investors are hoping that the positive start to November continues.

All eyes were on the U.S mid-term elections, and when the dust settled, both parties could claim a victory of sorts. The Democrats regained control of the House of Representatives for the first time since 2010, but the Republicans maintained control of the Senate, and have increased their majority. The results are a setback for President Trump, as the Democrats will be in a stronger position to derail Trump’s plans to boost fiscal stimulus and lower taxes. Investors have reacted on Wednesday by sending the dollar lower. Investors will be shifting focus to the Federal Reserve, which releases its monthly rate statement on Thursday. The Fed is expected to maintain the benchmark rate at a range of between 2.0% and 2.25%. A hawkish rate statement could boost global equity markets.

Commodities Weekly: Oil near 7-month lows on Iran waivers

Investors relieved as blue wave falls short


Economic Calendar

  • 2:00 German Factory Orders. Estimate -0.4%. Actual 0.3%

  • 3:55 German Final Services PMI. Estimate 53.6. Actual 54.7

  • 4:00 Eurozone Final Services PMI. Estimate 53.3. Actual 53.7

  • 5:00 Eurozone PPI. Estimate 0.4%. Actual 0.5%

  • All Day  – US Congressional Elections

  • 2:00 German Industrial Production. Estimate -0.1%

  • 5:00 Eurozone Retail Sales. Estimate 0.1%

  • Tentative – German 10-year Bond Auction

Open: 11,484 Low: 11,515 High: 11,636 Close: 11,606


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities.

Opinions are the authors — not necessarily OANDA’s, its officers or directors. OANDA’s Terms of Use and Privacy Policy apply. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD: Mildly bid, but bull reversal remains elusive

EUR/USD is currently trading at 1.1078, representing marginal gains on the day amid oil price spike. The currency pair on Friday faced rejection at the resistance of the trendline connecting June 25 and Aug. 13 highs.


GBP/USD: Brexit optimism keeps bulls in the drivers’ seat

The GBP/USD pair has advanced for a second consecutive week, reaching Friday 1.2505, its highest since last July, and settling not far below this last. Fading odds for a hard-Brexit continue to underpin the Pound.


USD/JPY looking to close the bearish opening gap amid risk-off

USD/JPY gapped down to 107.44 on Monday’s open as risk appetite is diminished following the attack on Saudi Arabian oil facilities. The spot now trades near 107.80, aiming to close the bearish opening gap ahead of a big week. 


The good, the bad and the extremely ugly crypto

XRP is in a borderline situation and with little room for doubt. Bitcoin demonstrates its power and positions itself as the emerging leader. Ethereum is in an intermediate situation, far from risk but also from opportunity.

Read more

Gold prices shot higher by over 1% in risk-off start to the week

Gold prices have shot higher in the open this week due to the increased tensions in the Middle East following the attack on Saudi Arabia’s oil and gas facilities in Abqaiq which has suspended half of the kingdom’s processing.

Gold News

Forex Majors