Shares traded higher from Tokyo to London on Monday as investors start the week on an optimistic note as major economies reopen. All European benchmarks registered a bullish opening with mining and energy shares among today’s top movers with market sentiment fuelled by fresh hopes of a global recovery. However, even if the number of daily deaths from the virus is at its lowest since March in most of Europe, the lack of a proper cure and the difficulty in assessing the long-term economic damage caused by it means we’re not out of the woods yet and is likely to maintain pressure on stock prices in the medium term. This uncertainty is reflected in demand for safe havens, with the gold price hitting its highest in seven years, which clearly indicates investors are seeking to diversify their investments and hedge their mid to long-term bets on riskier assets like stocks in the case of a downside move later this week.
The DAX-30 Index is Europe’s top performer today, boosted by auto shares, as the price now challenges the double resistance at 10,770pts. A break-out of this level could take the market higher towards 10,980pts and 11,300pts by extension.
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.