European markets had a mixed opening, setting the trend for US futures on the S&P 500, as investors took some profits after yesterday’s strong rally. However, the risk-on mood isn’t dead yet as all European benchmarks edged significantly higher shortly after the opening bell. An extension of the current recovery is now a real possibility as investors digest good corporate earnings as well as reassuring news coming from China about the coronavirus likely peaking on the 21st of February. In addition, China also confirmed one of its universities has found an “effective” drug to treat people with the deadly virus. Investors didn’t need much to change their trading stance and bought the dip on risky assets ahead of today’s Christine Lagarde’s speech at the ECB as well as the highly awaited US job reports due on Friday.
In Europe, gains in construction and tech shares are offsetting declines by oil and household goods. The best performance is coming from both the OMX-30 Index of Stockholm and the DAX-30 in Frankfurt with many investors awaiting Q4 2019 earnings reports from BNP Paribas, Spotify and General Motors today. The DAX-30 Index is challenging its first resistance below 13,375pts, where a break-out could lead prices up to 13, 515pts and 13,600pts by extension while support levels can be found at 13,290pts and 13,240pts.
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.