Share markets opened slightly lower on Wednesday, following a mixed trading session in Asia where stocks drifted in Tokyo but rose in Seoul after Kim Jong Un suspended its military actions against the South. Investors are tempering the enthusiasm and risk appetite they have had so far this week amid fresh spikes in coronavirus cases in hotspots such as Germany as well as the south and southwest of the US. However, current reassuring macro data from both Europe and the US tell investors stimulus measures are working well and provide further protection against any renewed downside risk that a second wave of COVID-19 might spark. Having said that, there is still a possibility that investors will reduce their exposure to the most virus-impacted sectors, such as Travel & Leisure as well as Oil & Gas on a short to mid-term view if new cases continue to pile up.
The FTSE-MIB from Milan is the only European benchmark to trade higher so far with the market holding above 19,600pts. The price continues to track within its horizontal consolidation between 19,580pts and 19,800pts with no bearish alert in sight. A clearing of the zone at 19,800pts is required to open the door of an extended rally towards 20,000pts, which is an important psychological as well as technical 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.