The EUR/USD is rising ahead of the European Central Bank (ECB) rate decision, which is expected to cut rates by 25bps to 3.75%. The market is now pricing in just two interest rate cuts from the ECB in 2024. This has led to an increase in expectations of a Fed rate cut, causing the US dollar to fall. Meanwhile, the DAX is heading higher, supported by another record close on Wall Street. Nvidia's stock has jumped over 5%, taking its market cap to above $3 trillion. The ECB rate cut could help stocks reach a record high. The DAX has broken above 18,634 to a weekly high and is supported by the RSI above 50. Immediate support is at 18,634; below this level, 18,361, the weekly low, comes into play. [308faced]
The DAX Index is expected to open bearish as attention shifts to the European Central Bank (ECB) and US GDP figures. The ECB is expected to leave interest rates unchanged, but a hawkish press conference could impact European-listed stocks. The US GDP numbers for Q3 are also anticipated, with a stronger-than-expected economy potentially fueling bets on a December Fed interest rate hike. The futures markets indicate a negative start to the Thursday session, with the DAX and Nasdaq mini down. The DAX is currently below the 50-day and 200-day EMAs, signaling a bearish trend. A move above the resistance level of 14,957 could support a move to the 50-day EMA. The article also includes a disclaimer about the content provided on the website, stating that it is for educational and research purposes only and should not be considered as investment advice. [6ec1343a]
