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Home News Sources Leaprate

Daily market commentary: The dollar remains under pressure

[item_description],

EUROPEAN SHARES 

European shares traded significantly higher on Tuesday, with similar gains on both Asian stocks and US futures on the S&P 500. This bullish trading stance took hold during yesterday’s US session when both the Fed and Washington tried to reassure investors against rising virus numbers. While the Fed will start buying corporate bonds on Tuesday, Washington unveiled a $1 trillion infrastructure spending plan, aiming to provide further support to the economy, which gave an immediate boost to market sentiment. Risk appetite is currently mostly driven by two powerful but opposite levers: the fear of a second virus wave and the batch of fiscal and monetary measures put in place by governments to sustain growth. Due to this, there is a high chance that macro data, like today’s US Retail Sales, will be overshadowed by these two drivers on the short-term basis as traders have one question in mind: will the stimulus measures be enough to offset the impact of a potential second wave to our economies?

Technically, the DAX-30 Index failed to clear its double resistance near 12,320pts and now is heading back to its opening price. However, the market remains well supported by the zone at 12,150pts even if a pull-back towards 12,075pts remains possible today. A climb above 12,320pts could take the market higher towards 12,500pts and 12,735pts by extension.

DAX-30 Index chart

Pierre Veyret– Technical analyst, ActivTrades


Disclaimer: opinions are personal to the authors and do not reflect the opinions of LeapRate. This is not a trading advice.

The post Daily market commentary: The dollar remains under pressure appeared first on LeapRate.

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