The global trading wind changed direction on Wednesday with benchmarks across the world drifting lower. This shift in investor’s trading stance was caused by the US Senate passing legislation supporting protesters in Hong Kong. While many were waiting for words from Washington on the issue, investors didn’t really welcome the “Hong Kong Bill” as it is now seen as an interference from the US. Most investors now fear it could significantly impair negotiations and the signing of a “phase one” deal with Beijing, especially after China’s Foreign Minister condemned the US Senate’s actions. In the meantime, the editor of China Global Time tweeted that only a few people in China believe a trade deal can be achieved soon and that Beijing is bracing for a worst-case scenario – a prolonged trade war.
Shares of banks and oil companies led declines in Europe this morning with the Stoxx-50 index breaking its major short-term support above 3,680pts and is now sinking towards 3,640pts. Investors were disappointed by US retail data yesterday but will be cautious as the release of the minutes of the FOMC Minutes release could spark short-term volatility as well as provide more clues on where the US economy is heading.
While a student, Pierre Veyret had a passion for the financial markets. At the time, he studied International Trade through the setting up of import / export operations and it was the techniques of hedging against exchange rate risks that helped him to make the link with the financial markets, and all especially that of Forex. It is therefore with the aim of anticipating the price of currencies several months in advance that Pierre quickly turned to different methods of analysis by drawing inspiration and surrounding himself with experts in the field. Shortly after, Pierre decided to specialize in Technical Analysis, a discipline he had the opportunity to practice with real market professionals, thanks to AFATE / IFTA, an association of which he has been an active member for several years. Pierre Veyret is passionate about the field of the financial industry with a particular interest in the various techniques of stock market forecasting. Currently, Pierre is based in the City of London where he works as Chief Analyst. He performs regular interventions on a multitude of asset classes through various media (television, internet and print media).
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© 2019 High Leverage FX - All Rights Reserved.