European shares opened higher on Monday after a resurgence of the risk-on tone sent US indices to historical highs before yesterday’s closing. Despite the coronavirus death toll having risen above 1000, investors have been reassured by the slowing of the number of new cases. Furthermore, investors also welcomed the fact that a candidate vaccine has been tested on animals according to the Chinese Centre for Disease Control and Prevention. Even if this vaccine is still at very early stages of its development, it remains positive news for the fight against the deadly virus and will certainly boost market sentiment in the coming days and weeks.
Finally, investors may also be pricing a dovish speech from the Jay Powell later today as the Fed Chairman is expected to give his view on the impact the coronavirus has had on global growth. However, a rate cut, which has been suggested by certain members as a short-term adjustment policy, remains very unlikely at this stage.
Photo by Ryan Quintal.
Carmakers and miners have helped drive the Euro Stoxx-600 higher today while the DAX-30 Index is flirting with historical highs near 13,600pts. The FTSE-100 benchmark is the best performer so far and is now trading above the 7,500pts level. The market will have to clear the 7,515pts to 7,540pts zone in order to unlock a new bullish potential towards 7,585pts and 7,630pts.
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).
© 2019 High Leverage FX - All Rights Reserved.
© 2019 High Leverage FX - All Rights Reserved.