The trading mood lacked certainty at the end of the week with a mixed opening for European markets, with no clear direction nor significant volatility as investors still struggle to digest the recent developments from the Chinese deadly flu. Most traders still lack visibility on the way the virus is spreading in China, especially after a new testing method was introduced this week. The recent data from Beijing show lower new daily cases but still more than before the new testing process was implemented, which provides investors with a blurry picture of the situation. Large international Chinese groups like Alibaba are starting to express growing concerns on the impact the virus is having on the Chinese economy while the World Health Organization seems to remain confident that there is no spike in infections.
In the meantime, market sentiment remains robust in Europe, where utilities are offsetting declines by the healthcare sector on the Stoxx-600 Index, with Engie trading significantly higher. Investors will keep an eye on the US Retail Sales data for January due later today as well as on the new batch of earnings from large French companies like Credit Agricole, EDF, Renault and TF1. The French CAC-40 Index continues to trade close to its record highs, above the 6,000pts zone. The market is currently consolidating, testing its 34-period exponential moving average, which is the last support before 6,030pts.
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.