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19 May 2015

DAX rallies, boosted by QE frontloading comments

FXStreet (Mumbai) - Germany’s benchmark index, the DAX opened with a sharp positive gap of nearly 100 points and rallied higher after comments from European Central Bank (ECB) officials that the central bank would front-load its asset purchase scheme in the next two months.

Currently, the DAX 30 trades 1.80% higher at fresh session 11800 levels, having previously posted fresh three week highs at 11841.30. The DAX kept gains after the release of downbeat German ZEW while Eurozone CPI print came in line with expectations.

The index is seen trading with a positive market breadth, the advance-decline ratio being 29:1. Volkswagen AG is the top gainer up 3.41% followed by Continental AG up 3.15%. While Merck KGaA is the sole loser on the index, down -1.86% on the day.

DAX Technical Levels

The index has an immediate resistance at 11885. Meanwhile, support is seen at 11675 levels and 11500 levels.

May 19, 2015

Gold stuck between strong USD and accelerated QE

Gold prices recovered from the session low of USD 1217.1/Oz levels after the ECB member indicated at accelerated purchases under QE in May and June. However, the strong dollar is capping recovery around USD 1222 levels.

EUR/USD could still visit 1.15 – Westpac

Strategists at Westpac see the possibility that the pair could test the 1.1500 level...