Spreadex Market Update
FTSE floats just under 6900 as pound pushes ahead
While the brunt of the surprise manufacturing and services PMI growth has been taken up by the pound, which is continuing to climb to recent highs against the dollar and the euro (up 0.3% against both) this morning, the FTSE has still see a fair amount of run-off goodwill. That leaves the index hovering just below 6900 once again, but with investors undecided whether or not that should push it any closer to 7000, or just leave it where it is.
With the FTSE still running on old news it falls to the Eurozone to provide a bit of fresh data this Tuesday. Already the markets have seen the latest German factory orders, which rose from -0.3% to 0.2% month-on-month, but crucially missed the 0.5% target set by analysts. Still to come is the revised Eurozone-wide GDP figure for the second quarter, though the reading may be of limited use considering it is expected to remain unchanged at 0.3%. The DAX was apparently lifted by that factory orders figure, despite the disappointment, rising 0.4%, while the CAC was a bit calmer with a 0.2% increase.
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