European equities slipped on Thursday following the really bearish tone set overnight by Asian shares, especially in China where the CSI-300 index had its biggest drop in decades. The risk aversion mood has been built on fears the deadly coronavirus from Wuhan could spread to other countries and, even more concerning, impact retailers and economic growth by extension. So far, the Stoxx-600 Index is being pulled down by mining shares ahead of today’s US crude oil inventories, which could spark more intraday volatility towards commodities and other USD assets.
In addition, investors are also awaiting Christine Lagarde’s speech as the ECB will decide on rates later today, with the traditional press conference that follows this decision likely to provide investors with more hints about the bank’s monetary policy and potential further dovish measures to come. The DAX-30 Index is the worst performer so far as prices slip towards 13,450pts following the break-out of the 13,465pts level. The market is now likely to extend the current corrective move below 13,400pts as the 55 exponential moving average is reversing following a bearish cross.
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.