Shares traded higher at the beginning of Thursday’s trading session in Europe with all sectors opening in green territory, led by health care. This boost to market sentiment comes after investors were fuelled with hopes of a fresh stimulus package in the US. However, traders of European shares face a busy morning following mixed PMI releases from key economies, with data from Germany coming in below estimates. These disappointing data may negatively impact the Euro, but this is likely to positively affect stock prices in a mechanical effect on a very short-term basis. Investors will then shift their trading focus towards US data, with initial jobless claims and manufacturing PMI, which should increase market volatility prior to tomorrow’s last NFP before the US presidential election.
The eurozone’s best performance comes from Paris as the CAC-40 Index is now trading well above 4,800pts. The market registered a solid bullish gap between 4,775pts and 4,800pts following a “V-bottom” above 4,700pts. The bullish rebound is likely to continue towards 4,870-4,905pts and 4,950pts by extension if the zone at 4,775-4,800pts remains unbroken on a short-term basis.
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.