FX.co ★ DAX Fails to Hold Gains

Frankfurt’s DAX 40 gave up early gains and was trading 0.5% lower around 23,600 on Wednesday afternoon, broadly in line with most other major European indices. Sentiment deteriorated as oil prices rebounded following reports of US and Israeli missile strikes on Iran’s South Pars gas field and the adjacent Assaluyeh refining complex. At the same time, investors adopted a more cautious stance ahead of the Federal Reserve’s policy decision later today and the European Central Bank’s announcement tomorrow.