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European Markets will open lower

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European markets are expected to open lower, after the negative trading session during the Asian trading day. The futures of the American indices erased some of the previous losses, but the negative sentiment remains.Brexit and the political uncertainty in Europe again rattle the markets and investors ran to the JPY and the US dollar.

The vote for Prime Minister in the UK is very unclear and the pound continued lower. Political uncertainty Australia is also present with unclear winner of the National elections there. Gold price continued its upward momentum due to the fears that exits in the market place. The US dollar is supported and shows slight up tick, which can remain during the session if the sentiment does not change during the trading sessions here in Europe and US.

The price of Oil is again lower, trading at $46.70, which does not help the indices and if prices move lower it will help the USD. With a Bearish looking formation of the Oil chart that has been set up for the last 3 weeks now and the indices close to their previous highs, the move lower that started this week may not be just a correction but maybe the start of something larger. A move lower that can last for a several weeks.

FTSE to open around 6,513, CAC to open around 4,102, DAX to open around 9,385


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