Spreadex Market Update
Pound continues to fall against dollar and euro as property shares sink
With cable now below $1.30 and the GBP/EUR teetering just above €1.17 the pound has seen yesterday’s horrorshow trading continue into this morning’s European session, sparking another round of losses for the property sector. The FTSE, on the other hand, is still taking solace in the prospect of cheaper exports, rising another 20 points to keep its head above 6570.
The Eurozone indices, meanwhile, are suffering under the weight of the surging euro, the DAX and CAC struggling to gain much momentum at the start of the day, falling 0.1% and 0.2% respectively.
There isn’t really anything to distract the European indices from their current predicament this morning, the Eurozone retail PMI and the fallout from yesterday’s first round Tory leadership vote the main items of note.
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