Stocks opened mixed in Europe on Monday with most benchmarks little changed as the trading stance remains uncertain for the beginning of the week. There were no important announcements or developments to disturb market sentiment this weekend and with no significant economic data release today, there is a high chance investors will keep their focus on both corporate results as well as on any sign of improvement in the struggle against the pandemic. Market participants were happy to notice fewer daily deaths in New York, Italy, Spain and the UK even though we aren’t out of the woods yet. Despite those reassuring numbers coming from the most impacted areas, there is still a lingering fear that economies may reopen too hastily. Investors will then pay close attention to how the situation is going to evolve in the next few days in Germany after the country reopens stores today, a first step to the end of the virus crisis and a real experiment for other nations, especially in Europe. On the corporate side, most investors will be waiting for quarterly results from companies like IBM, Vivendi and Virbac in order to have a clearer idea on how business has been impacted so far.
The Euro Stoxx-50 Index is trading sideways while the German DAX-30 is the eurozone’s best performer. The market is still trading above 10,650pts, its first available support before 10,620pts, but has slowed down since testing the 10,775pts level. A break-out of its first support could quickly lead prices lower, towards 10,620pts and 10,545pts by extension, where a wide gap of more than 200pts remains open.
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.