European shares opened mixed this morning as benchmarks pared some of yesterday’s losses after investor sentiment was boosted by the US reaction to the Chinese currency devaluation. US Secretary of Treasury Steven Mnuchin announced that the government will engage with the IMF to “eliminate this unfair competitive advantage”. At the same time, President Trump asked the Federal Reserve to take measures to protect the US economy against the effects of the trade war. This makes traders expect further monetary easing and the odds are now in the direction of a 100 basis points cut by 2020. In the near term, the spectrum of a recession seems to be offset by optimism surrounding a more dovish Fed.
In Europe, most benchmarks are struggling to stay in green territory. The Stoxx-50 index is trading above 3,300.0pts, with 3,325.0pts in sight while bulls on the DAX-30 are aiming to clear the 11,700.0pts level. The best performance is being registered by the French CAC-40, with the rise driven by VIVENDI (+9%) after the company confirmed they are in talks with Tencent to sell 10% of Universal Music Group.
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.