Search LOGIN

S&P 500 hits record after Biden signs stimulus bill





•    S&P 500 stock index rallies 1% to new record on stimulus hopes, tech stock rebound
•    EUR/USD rises after ECB vows to increases asset purchases 
•    ECB now expects 1.5% inflation in 2021 instead of 1.0%
•    GBP/USD holds 1.39 as world watches UK Royal Family crisis
•    Gold slides back under $1720 as US bond yields rebound
•    Oil price pops as US stimulus passed
•    Nasdaq ends 2.5% higher as tech stocks regain composure
•    Next week the US State Department will hold talks with China diplomats
•    J&J covid vaccine approved for the EU
•    Joe Biden has signed his $1.9 stimulus bill into law
•    Beeple’s NFT (non-fungible token) digital art sold for $60 million at auction


EUR/JPY – Weekly Candlesticks


Source: GKFX / MT4 (March 11, 2021)


EUR/JPY has continued its ascent above the big 130 round number. The pair had initially pulled back from a rising trendline connecting major highs but its back just beneath the trendline. Continued upside momentum would put it on course to test the September 2018 peak at 133.




Even the intelligent investor is likely to need considerable willpower to keep from following the crowd. – Benjamin Graham




*Daily closing price
↗ EUR/USD    1.1985        (+0.50%)
↗ GBP/USD    1.3991        (+0.44%)
↗ USD/JPY    108.50        (+0.12%)
↗ S&P 500    3939.34    (+1.04%)
↗ Hang Seng    29,385.61    (+1.65%)
↘ Gold        1722.34    (-0.21%)
↗ Oil (Brent)    69.59        (+2.49%)
↗ Bitcoin    57,655        (+3.04%)




A drop in the US dollar after a big US Treasury auction limited the impact the ECB had on EUR/USD. The forex pair cruised to just under 1.20 despite the central bank’s pledge to expand its asset purchases over the next 3 months. The overall size of the PEPP (QE) program is unchanged but the bond buying will be front-loaded to hold down yields. The ECB’s Christine Lagarde said the bank is not engaging in yield curve control but by taking this action, that is in effect what they are doing.


The bull market was back in full force on Wall Street with the S&P 500 making a fresh record high after President Joe Biden signed his stimulus bill into law. An ongoing bounce back in tech stocks means the Nasdaq joined the rally, gaining 2.5% on the day.


The price of oil gained with the risk-on tone, helped by OPEC lifting its demand forecast for 2021 to 5.89 million barrels a day this year compared with the previous forecast of 5.79.


In news from the digital art market, an NFT, which is a digital asset with ownership recorded on a blockchain (the same technology behind Bitcoin) sold for over $60 million at auction house Christies.




*Times in GMT
07:00 – UK Industrial Production (MoM)(Jan) 
07:00 – EU Harmonized Index of Consumer Prices (YoY)(Feb) 
13:30 – US Producer Price Index (YoY)(Feb) 
13:30 – Canada Net Change in Employment (Feb) 


The best way to keep track of your accounts. Get notifications
and access your dashboard anytime!

Open a live or demo account, make secure deposits, or get the latest
market updates for free!