DAX posts biggest daily gain since early April. Powell says there’s “no limit” to what the Fed can do. Hope for Covid-19 vaccine boosts stock markets. Germany’s leading index DAX is off to a robust start in the week. With a plus of 5.67 percent, the German stock index posted the biggest daily gain since the beginning of April. At the same time, it closes above the psychologically important 11,000 point mark for the first time since three weeks. Following Wall Street, the DAX recovers its losses from the previous week. This was initially supported by an interview with Jerome Powell on Sunday, in which he said that there was “no limit” to what the Federal Reserve could do to support the economy. The prospect of an even looser monetary policy boosted global stock markets. The Dow Jones and S&P 500 gained more than 3.5 percent. The Nasdaq Composite is up 2.4 percent. Hope for Covid-19 vaccine boosts stock markets Shortly before the US opening, news ran on the ticker that a treatment developed by the US biotech company Moderna had produced Covid 19 antibodies in all 45 participants in a clinical phase 1 study. Many economists believe that the production of a vaccine could restore economic activity faster than expected following the lockdowns. This makes shares more attractive as an investment in an environment of low interest rates. Meanwhile, trade tensions between the US and China continued to increase, but had no impact on the market. US economist Peter Navarro accused China of deliberately spreading the virus. However, another White House adviser, Kevin Hassett, said that China is likely to stick with the first-phase trade agreement with the US for the time being. Just before the close of trading in Frankfurt, news broke that Germany and France want to fight the looming recession in the EU with a 500 billion euro reconstruction fund, which triggered another spike in the DAX Tomorrow the focus will be on the hearing of Fed Chairman Powell and US Secretary of the Treasury Mnuchin before the Banking Senate. They will have to face the questions regarding the new loan instruments. Prior to this, the focus will be on Germany, where the ZEW Institute will announce the economic expectations index for May. German DAX 30 key technical levels From a technical view, the chart has improved noticeably thanks to today’s rally. In terms of technical indicators, both the RSI and the MACD are pointing to rising DAX prices on a daily basis. Resistance levels currently stand at 11.061 (R1), 11.146 (R2) and 11.498 (20-week moving average). Supports are at 10,704 (10-day moving average) and 10,643 (5-day moving average). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/CHF soars to monthly highs above 1.0600 on risk appetite and EU fund FX Street 2 years DAX posts biggest daily gain since early April. Powell says there's "no limit" to what the Fed can do. Hope for Covid-19 vaccine boosts stock markets. Germany's leading index DAX is off to a robust start in the week. With a plus of 5.67 percent, the German stock index posted the biggest daily gain since the beginning of April. At the same time, it closes above the psychologically important 11,000 point mark for the first time since three weeks. Following Wall Street, the DAX recovers its losses from the previous week. This was initially supported by an interview with Jerome… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.