European benchmarks consolidated on Friday following a mixed opening, while a similar trend has been registered by Asian stocks. Market participants chose to temper their investments for the last trading session of the week, following four days of the solid rally. Votes are still being counted in some of the key US swing states and President Trump is already challenging the results. While Democrat candidate Joe Biden is getting closer and closer to the White House, according to the latest results, Republicans managed to keep control of the Senate. This does not have a huge effect on markets as most investors anticipated a contested victory for any of the two candidates since October. The biggest market drivers remain concerns due to mounting risks to economies and their current recoveries brought by the powerful second wave of COVID-19, combined with the lack of further fiscal and monetary support. All eyes will be on macro data today with the highly awaited US Non-Farm Payroll for October due later.
European stocks have traded sideways so far, with gains in the banking sectors offsetting losses in tech shares. Technically speaking, the DAX-30 index managed to clear its strong resistance zone between12,235 pts and 12,350 pts which unlocks an extended bullish potential towards 12,700 pts on the very 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).
© 2019 High Leverage FX - All Rights Reserved.
© 2019 High Leverage FX - All Rights Reserved.