European stocks had a mixed opening on Thursday following a directionless trading session in Asia as Wednesday’s disappointing US retail sales continue to weigh on market sentiment. The first consumer spending decline in seven months is seen as a potential threat to the longest US expansion on record by investors and put further pressure on the US dollar. However, this could benefit stock markets as more disappointing data are likely to pave the way to a third straight rate cut from the Fed. Furthermore, the recent optimistic mood surrounding trade talks between Washington and Beijing is also being tempered as the truce remains fragile. Most traders may want to stay cautious regarding their exposure to stocks as markets are likely to stay volatile and trendless if no formal deal will be signed between the US and China.
In Europe, the trading wind changed once again this morning after the DUP in Northern Ireland confirmed it will not back the latest proposal on Brexit as there remains a lack of clarity on VAT and issues on customs. This put pressure on the Pound but had the opposite effect on the FTSE-100 index which has almost erased yesterday’s losses. The market is trading below the 7,200pts level at 7,175pts with the 7,185pts zone well defended by bear traders. A clearing of the 7,185pts intraday resistance level could extend the current rally to 7,210pts and 7,235pts by extension.
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.