DAX Remains Steady Awaiting German CPI Data

Forex News

European stock markets weakened slightly today, while investors watched new economic data and corporate earnings reports. The German DAX stock index fell by 0.06% and is trading at 13.334.50 level. Investors are also concerned about the rapid growth of the euro, which could damage exports and affect the profits of companies. German Import Prices slowed to 0.3%, which is in line with the forecast. On Tuesday, Germany issues a Primary Consumer Price Index, and the Eurozone will publish Preliminary GDP for the fourth quarter of 2017.

The euro rose by 3.3% against the US dollar in January, amid weakening of the American currency. The growth of the European single currency also continued after ECB President Mario Draghi's comments. The chairman of the European Central Bank said that interest rates would not rise until the end of the quantitative easing program (QE). It is expected, that the QE program will last until September this year, so Draghi essentially ruled out any rate hike until early 2019.