European shares opened mixed this morning despite a boosted market sentiment observed during the Asian session following a better than expected Yuan currency fixing by the People’s Bank of China. However, the Hong Kong dollar slipped overnight following Fitch Ratings’ decision to downgrade the territory from AA+ to AA, with negative outlook on grounds of political concerns due to the continuing crisis.
Photo by The New York Public Library.
Elsewhere investors’ sentiment remains high for the end of the week, despite today’s disappointing German Industrial Production. Sentiment has been boosted by revived trade talks between Washington and Beijing, chances of a hard Brexit moving away and some progress in Hong Kong. All eyes are now on today’s US job report, expected to show another solid gain for August with 160,000 new jobs added while the unemployment rate is anticipated to hold at 3.7%. Trader focus will then be shifted to Jerome Powell’s speech later in the day as the Fed’s Chairman will provide the economic outlook. The speech could give an odd end to the trading week, as strong or in-line US data would make further rate cuts from the Fed much harder than previously expected.
For now, EU benchmarks remain mixed and not very volatile nor directional. Automakers are still leading the way across Europe. The best performance is being registered by the SMI-20 index in Zurich with prices trading almost 0.3% higher but slightly below the strong 10,000 pts level.
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.