Risk on in full steam, what's next after ECB?

Important News for the day

• Fri, 12th, 08:00 UK Gross domestic product.

• Fri, 12th, 16:00 US Prelim consumer sentiment.

Dollar weakness

The current negative momentum of the Dollar continues to help risk assets moving higher. Furthermore also metals continue to push higher with Silver defending the USD 40.00 price level. The next technical resistance zone might be the USD 44.00 zone, which could offer some downside momentum once tested. Also, the price of Gold keeps pushing higher but rather in moderation, potentially also impacted by funds moving into Bitcoin, which is also seen as a new safe- haven. In general, the trust in the Dollar seems to erode further.

Market talk

The renewed weakness of the Dollar helped pushing US equities to the upside. The S&P 500 jumped higher as well as the Nasdaq index. The German DAX on the other hand keeps trading sideways and might start to roll lower as the EUR is gearing up steam. The common currency got another push as rates are expected to remain stable after the interest rate decision. Yet, Lagarde did not give insights on potential moves in the near future in regards to further rate cuts. Inflationary data keeps falling and hence the economy might need more stimulus according to observers. Oil prices on the other hand continue to fall and potentially indicate weaker momentum in the economy in general.

Tendencies in the markets

• Equities positive, USD weaker, BTC positive, ETH stronger, oil sideways, Silver positive, Gold sideways, JPY weaker.