Stock markets posted small gains everywhere in Europe today. Even though talks are well underway between Washington and Beijing, the effect of the trade truce is slowly fading. On top of that, the US Trade Representative Office proposed increased tariffs on $4 billion of EU products. This tariff hike may be modest for now, but it certainly underlies the impact of Donald Trump’s trade strategies all around the world.
Investors have now switched back their focus to data and will be waiting for the EU PMI release due on Wednesday, prior to Independence Day in the U.S. on Thursday. Investors are also already pricing a better than expected non-farm payroll on Friday as projections show it rose by 164,000 for June from 75,000 in May.
In London, stocks remain steady, the FTSE-100 index is struggling to clear its 7,470.0pts resistance level as Boris Johnson and Jeremy Hunt continue their campaign to be the next British Prime Minister. Shares in Geneva show a similar technical configuration with the SMI-20 still trading right below a major resistance placed towards 9,980.0pts. The market is mixed as 9 out of 20 shares are trading lower. Lonza Group AG remains one of the most shorted stocks while the best performances are being registered by SWISS RE AG, SWISS LIFE HOLDING AG, SGS SA and NOVARTIS.
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.