Back
11 Mar 2015
DAX at record highs, boosted by Draghi
FXStreet (Mumbai) - Germany’s benchmark index, the DAX opened slightly higher and later rallied to fresh all-time highs after ECB President Draghi's latest speech in Germany lifted sentiment, while traders shrugged of downbeat UK industrial output data.
Currently, the DAX 30 trades higher by 1.72% at 11702.80 levels, highest since 2008 financial crisis. The DAX climbed higher after ECB Draghi in his speech that the central bank's policies will guarantee price stability, while market-based inflation expectations have gone up. Moreover, GDP growth was revised upward due to oil prices, the foreign-exchange rate and the quantitative-easing program.
The index is seen trading with an absolute positive market breadth. Among major gainers, Volkswagen is the top gainer, up 3.19%, followed by BMW up nearly 2.77%. While, Commerzbank AG is up 2.62%.
DAX Technical Levels
The index has an immediate resistance at 11702.80. Meanwhile, support is seen at 11450 levels and 11330 levels.
Currently, the DAX 30 trades higher by 1.72% at 11702.80 levels, highest since 2008 financial crisis. The DAX climbed higher after ECB Draghi in his speech that the central bank's policies will guarantee price stability, while market-based inflation expectations have gone up. Moreover, GDP growth was revised upward due to oil prices, the foreign-exchange rate and the quantitative-easing program.
The index is seen trading with an absolute positive market breadth. Among major gainers, Volkswagen is the top gainer, up 3.19%, followed by BMW up nearly 2.77%. While, Commerzbank AG is up 2.62%.
DAX Technical Levels
The index has an immediate resistance at 11702.80. Meanwhile, support is seen at 11450 levels and 11330 levels.