Morning wrap (26.03.2021)

9:48 am 26 March 2021

  • US indices managed to recover from losses and finish yesterday's session higher. S&P 500 gained 0.52%, Dow Jones added 0.62%, Nasdaq moved 0.12% higher and Russell 2000 rallied 2.29%

  • Positive tones were also seen in Asia, where Nikkei gained 1.5%, S&P/ASX 200 added 0.5%, Kospi moved 1.1% higher and indices from China traded higher

  • DAX futures point to a higher opening of the European session

  • Suez Canal remains blocked

  • European Commission President von der Leyen said that companies manufacturing vaccines need to honor contracts with the EU before exporting vaccines to other countries

  • Fed said that buyback and dividend limits for most banks will be removed on June 30, 2021

  • World Bank expects Chinese economy to expand by 8.1% in 2021. People's Bank of China sees country's potential growth at 5-5.7% in the next 5 years

  • French President Macron announced that new restrictions will be imposed amid jump in new Covid-19 cases

  • China sanctioned UK officials, who commented on human rights violations in Chinese Xinjiang province

  • Bank of Japan has formed a committee tasked with promoting smooth implementation of central bank digital currency

  • Bitcoin trades above $52,000

  • Oil recovered part of yesterday's losses. WTI trades above $59.50 while Brent climb back above $62

  • NZD and AUD are the best performing major currencies while JPY, CHF and USD lag the most

OIL.WTI has found a support at the lower limit of the Overbalance structure and launched a recovery move. Price has climbed above a resistance at $59, marked with previous price reactions and 50-session moving average (green line). Source: xStation5

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