Welcome to a new trading week.
The DAX surged to a fresh high at 16440 amid other rallies in Gold and Bitcoin. Markets bet on rate cuts and pay not much attention to comments from Federal Reserve Chair Jerome Powell who reminds that policymakers are in no hurry to ease interest rates. Traders rather bet the Fed could cut rates as early as March 2024. Powell on Friday noted the central bank is ready to hike further if needed, though policy is “well into restrictive territory.”
This week, most attention will be paid to the U.S. non-farm payrolls data due on Friday.
DAX – Flirting with record highs
After the index broke above 16050, it almost headed straight-lined towards the next target at 16450. Above 16460, the next target will be the record-high at 16533. While we believe bullish momentum could be enough to break above record highs, we note that the index fluctuates within its resistance zone which is why we prepare for pullbacks towards 16200.
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