GER30, Daily
Germany’s GDP growth stood at 1.6% q/q in Q2, revised up from 1.5% q/q. On an annual basis, seasonally and calendar adjusted gross value added increased by 1.0%. The individual sectors showed distinct trends: Up 3.8% q/q in public services, education and health; up 1.1% q/q in trade, transport, accommodation and food services; up 0.1% q/q in construction; but down -1.3% in manufacturing. Compared to the same quarter a year earlier, GDP grew 9.8% y/y in price adjustment terms , and 9.4% y/y in price and calendar adjustment terms. Source: : Destastis 
https://www.destatis.de/EN/Press/2021/08/PE21_398_811.html
German stocks were higher after Tuesday’s close, as gains in the Retail, Technology and Industrial sectors led stocks higher. At the close in Frankfurt, the DAX was up 0.34%, the MDAX index added 0.53%, and the TecDAX index added 0.40%.
GER30.F rose in Tuesday’s trading for the second day after last week’s decline from a peak of 16,021. It is currently trading in the price range of 15,903. The bias still points to the upside, with price positioning above the Kumo and RSI above the 50 level. Further gains would target 15,967 and a peak of 16,021. Meanwhile, on the downside, it will test support at 15,788 and 15,612.
Today, German Ifo (business sentiment) has disappointed again coming in at 99.4 against expectations of 100.2 and a reading last month of 100.7. At time of writing, the GER30.F trades at 15,880 and EURUSD remains capped below 1.1750 at 1.1748.
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Ady Phangestu
Market Analyst
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