DAX at record highs despite rising euro

The German DAX index is trading near its record highs, despite the surging EURUSD pair. Equities corrected lower yesterday, but the dip was immediately bought, and both EU and US benchmarks are seen rising today. 

From other news, both the OPEC and the International Energy Agency (IEA) upgraded their forecasts for world oil demand growth this year earlier this week. Oil rose 6% this percent, and the WTI benchmark posted a bullish breakout from its triangle pattern, implying further upside toward the 68 USD level.

Later in the day, US jobless claims are due, along with retail sales, which are expected to post a huge month-on-month growth. That could be another inflationary signal, but equities will most likely move higher after the data, as always.

Elsewhere, the greenback continues to be offered, and the EURUSD pair is now attacking the 1.20 threshold. Moreover, commodity-linked currencies are soaring against the USD as well. 

Meanwhile, US yields are consolidating, with the 10Y looking to break down from its topping pattern, which could induce another leg higher in equities and a decline in the USD. 

Source: https://www.axiory.com/market-news/dax-at-record-highs-despite-rising-euro