Shares opened lower in Europe, extending overnight losses for Asian benchmarks following yesterday’s pessimistic outlook in the minutes of the FOMC’s meeting. The uncertain tone continues to weigh on global market sentiment as investors, still digesting the mixed news about a vaccine, are cautiously assessing virus data as lockdown measures are eased around the world. Moreover, the deteriorating relationship between the US and China took another turn yesterday after President Trump renewed criticism of China’s leadership via a series of tweets. This poses a serious problem to investors as these rising tensions combined with the virus crisis may put the recent Washington-Beijing Phase One deal at risk, making stock markets even harder to predict. Investors will keep their focus on data today with several significant releases from both the US and the UK.
Most European markets are trading slightly lower today, with the Stoxx-50 Index still flirting with 2,900pts. The price has consolidated inside a 70 points-wide trading range, between both moving averages (144 and 233) while the Stochastic indicator is showing a bearish divergence which points to slowing down of the trend in the very short-term. If there is a breakout below 2,875pts, the next targets would be 2,785pts and 2,700pts.
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.