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DAX30 hits record high



•    Gold price drops 20% from highs, enters bear market territory, finishes day higher
•    EUR/USD rebounds, briefly touches 1.19
•    German DAX hits fresh record high
•    Nasdaq snaps back, rising 3.4% for best day in 4 months
•    Bitcoin breaks out from 2-week consolidation, rises above $54k
•    Caterpillar & other cyclical stocks give back some of big gains from Monday
•    Tesla stock surges 19% in one day in bounce back from 40% correction
•    Oil drops for second day in pullback from $70 handle
•    GameStop back over $200 for first time in a month
•    OECD doubles US growth forecast after latest stimulus bill passed
•    DAY AHEAD: China inflation, US CPI, Bank of Canada meeting, Oracle earnings


DAX30 – Daily Candlesticks


Source: GKFX / MT4 (March 9, 2021)


DAX30 has pushed out to a new all-time high after a 2-month consolidation following the last record high on January 7. The gains prolong an uptrend that is been in place (barring a blip in October) since May 2020.




"If you are not willing to risk the usual, you will have to settle for the ordinary." - Jim Rohn




*Daily closing price
↗ EUR/USD    1.1900        (+0.48%)
↗ GBP/USD    1.3889        (+0.47%)
↘ USD/JPY    108.51        (-0.32%)
↗ S&P 500    3875.44    (+1.42%)
↗ Hang Seng    28,773.23    (+0.81%)
↗ Gold        1716.83    (+2.12%)
↘ Oil (Brent)    67.25        (-1.45%)
↗ Bitcoin    54,451        (+3.92%)




European stocks continued to make progress on Tuesday after some well received earnings added to the gains off the back of the passing of Joe Biden’s $1.9 billion stimulus bill. German stocks were leading the charge with the benchmark DAX index hitting a fresh record high.


The leaders and laggards flipped around on Wall Street with tech stocks rebounding from heavy losses on Monday, while cyclical stocks like Caterpillar dipped. Tesla led the charge with a massive 19% daily gain helped by famed fund manager Cathie Wood buying more Tesla stock for the ARK Innovation ETF.


The US dollar dropped back from a 3 ½ month high as US Treasury yields fell back under 1.6%. EUR/USD bounced to 1.19 while GBP hit 1.39 but both ended just off highs. Today key US CPI data for February could determine whether the rising inflation expectations that drove up yields and the dollar is considered justified or overdone.




*Times in GMT
01:30 – China Consumer Price Index (YoY)(Feb) [-0.4 % Exp vs. -0.3 % Prev]
01:30 – China Producer Price Index (YoY)(Feb) [1.5 % Exp vs. 0.3 % Prev] 
12:30 – US Consumer Price Index (YoY)(Feb) [1.7 % Exp vs. 1.4 % Prev]
15:00 - BoC Interest Rate Decision [0.25 % Exp vs. 0.25 % Prev]


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