European shares opened higher, alongside U.S. Futures, but the bullish move was short-lived as most benchmarks pared gains minutes after, underlying the state of uncertainty still dominating stocks markets. President Trump’s delay on further tariff hikes against China had only a short-term positive effect on stocks as investors remain worried by signs of a looming recession in the bond market as showed a Treasury Yield-curve inversion. The veil of uncertainty surrounding markets combined with the low liquidity typical of August are making trading decisions particularly difficult this year.
Today’s data (U.S. Retail Sales + Philadelphia FED Manufacturing Index) is likely to be very important to traders: many will be hoping for reassuring numbers after the last round of disappointing numbers around the world. Investors will also take a close look at big corporations like Walmart and Alibaba as they will publish their quarterly results later in the day.
Photo by Absolutvision.
For now, European benchmarks are mixed. The only significant performance is that of the FTSE-MIB. The Italian index is down 2.5% due to political chaos un the country and with the decline led by the banking sector. Prices are trading slightly over the technical and psychological 20,000.0pts level where a break-out could lead the market to a deeper correction towards 19,850.0pts and 19,535.0pts 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.