Fra40 Continues To Sink
ActivTrades | Jan 11, 2016 05:59AM ET
According to figures released by national statistics institute (INSEE), the French consumer sentiment about the country's economic performance and financial situation in December remained the same as in November.
The consumer confidence index (CCI) came out unchanged at 96 points for the third consecutive month over the period but stayed below its long-term average of 100 points.
However the French unemployment rate in the second quarter of 2015 hit an 18-year high with 2.941 million jobless claims registered over the period.
Since the beginning of January, the Fra40 plunged more than 4.5% and is in a well-established bearish phase since the beginning of December 2015.
On yesterday session, the index opened with a gap down and went back and forward without any clear direction but failed to close the opening gap. The French index closed near the low of the day and also managed to close below previous day low, suggesting a strong bearish momentum.
The stochastic is showing an oversold market yet is still displaying bearish momentum.
Leveraged products carry a high degree of risk to your capital and any forecasts given are not a reliable indicator of future performance.
Fra40 is a CFD written over CAC 40 futures.
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