Despite this morning’s disappointing PMI release (48.6 vs 48.8 expected) adding to this month’s employment decline, the DAX-30 index keeps on trading higher. Market sentiment seems to be boosted by both potential fiscal stimulus from the Government as well as good Q3 performances reported by German companies. DAIMLER beat estimates as its cost-cutting plans are finally paying off and reassuring investors while BASF also reported better-than-expected results. All eyes are now on Mario Draghi’s last policy meeting where many German stocks investors are expecting more measures to sustain the economy, especially after hopes for a return to growth for the end of the year in Germany declined following this month’s disappointing data.
The market went back to the 12,830pts level this morning after many bear traders defended the strong psychological and technical 12,900pts zone. Next supports can be found towards 12,790pts and 12,645pts.
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.