Growing Optimism

The market is turning slightly bullish amid growing optimism that the world is nearing the end of the pandemic. This comes as a result of a decline in omicron cases, the drop in the Covid mortality rate and the stance in the U.K. where Prime Minister Boris Johnson is ready to ease Covid restrictions as infections and hospitalizations fall. These are the major factors driving the positive sentiment in the beginning normalization phase.

We saw a slight risk-on mood Wednesday with both EUR/USD and GBP/USD trending to the upside. The DAX still finds itself below 16000 but as long as the support-area around 15500-15300 holds it’s just a matter of time when bulls are able to overcome the 16000- and further the 16300-hurdle.

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