European markets opened slightly lower on Friday, after Asian stock markets registered small gains overnight. Current volatility levels show a holding pattern from investors, after yesterday’s U.S. bank holiday and prior to today’s key U.S. Non-Farm Payroll. The U.S. job report will be crucial: strong numbers (164,000) for June after May’s disappointing report (74,000) would suggest the US economic growth is still on track. Numbers in line or above expectations would wipe out some of the uncertainty that surrounds markets and support the U.S Dollar while another disappointing set of numbers would boost investors’ concerns and should send the U.S. currency lower. However, in addition to the positive mechanical effect of a declining currency on stocks, such a scenario would also increase the chances of an even more dovish Federal Reserve, which is likely to send stocks higher.
Photo by M B M.
The DAX-30 index is still trading sideways between 12,615.0pts and 12,650.0pts as a strong weekly technical resistance level. The index is currently strongly supported by VONOVIA SE this morning while the worst performances are being registered by SIEMENS AG and THYSSENKRUPP AG. Stocks are trading mostly lower in Geneva where only 6 shares out of 20 are in green territory. LONZA GROUP AG-REG is leading the board while ABB LTD-REG and ADECCO GROUP are weighing on the index, which is trading sideways but remains above 10,000.0pts so far.
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.