European shares traded higher on Tuesday as Japanese and US traders return to their trading desks after an extended weekend. Despite rising geopolitical tensions in Turkey, a “risk-on” mood is taking hold across most share markets as investors brace for a highly anticipated Q3 earning season.
Photo by Artem Beliaikin.
In Europe, all eyes are on the UK after the EU’s Chief Brexit Negotiator Michel Barnier said a deal was still possible this week ahead of the European summit. The surprise came shortly after UK officials confirmed the nation is preparing a fresh proposal to break the Brexit deadlock before the 31st of October deadline. The new Brexit plan is set to be submitted and discussed with EU Commission negotiators in Brussels this morning, which may increase volatility levels towards UK assets today. At this stage, we still don’t know if the UK chose to amend its position towards the dual customs scheme in Northern Ireland or if the Government has sent a totally different solution to Brussels.
Investors are welcoming the optimistic tone between the two sides this morning as the chances of a deal reached before the weekend has just gone up. An immediate bullish reaction has been noticed on Sterling early in the morning following the news but the impact on the UK share market remains limited so far. The FTSE-100 index is drifting slightly lower, a bearish move mostly due to the mechanical effect of a rising GBP currency, while an immediate support level can still be found at 7,210pts.
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.