European stocks opened lower for the last trading session of the week after mixed data from China overnight put pressure on market sentiment. As a trade deal between Washington and Beijing now has a good chance of being signed next month, investors have switched their focus back to data. Even though both industrial output and retail sales have increased in China, investors were very disappointed by GDP at 6.0% (prev. 6.2%), its slowest pace since the early 1990’s. Having said that, investors are probably choosing to take some profits today, after a week of gains, and limit their exposure to EU stocks ahead of a busy weekend with a potential Brexit deal to be approved by the UK Parliament this Saturday.
The FTSE-100 Index is in a very short-term bearish channel and found strong support from bulls above the 7,155pts zone. A breakout below this level could potentially lead prices towards 7,125pts and 7,090pts by extension even if it is not a likely scenario ahead of tomorrow’s vote.
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.