European markets drifted lower at the opening of the last trading session of the week, following the global trend sparked on US shares yesterday. The worst weekly slide in three months on global markets came despite reassuring earnings and macro data this week, following concerns over volatile retail trading in the US.
The strong bearish wind hit US markets first, following the decision by some brokerage firms to restrict trading on highly volatile shares like GameStop Corp and AMC Entertainment – that have been strongly sustained by an army of retail traders against Wall Street giants – in an attempt to bring more stabilization to prices. Generally, global market sentiment is becoming increasingly mixed at the end of the first trading month of the year as investors remain torn between hopes of a stimulus-fuelled recovery and delays in vaccine rollout, especially in Europe where some countries are even threatening big pharma (AstraZeneca) with possible legal actions. Today’s session is likely to become less volatile after trading in highly speculated US shares has been limited while no significant macro news is expected.
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.