Spreadex Market Update
FTSE closes down
The chatter in the market was firmly focussed on QE talk, with some fearful of a large unwinding taking place against the notion of QE ending before the targeted 6.5% unemployment rate. A shifting of risk from funds or banks to the market had the effect of sending the algorithm-driven market running scared, withdrawing liquidity quickly. But prices bounced from the lows, closing marginally firmer in Europe.
The much larger bond market inflated in sympathy with a selling of risk, with major safe havens more expensive to participants today than yesterday. Treasuries outperform Gilts and Bunds. The dollar saw some very strong gains against the euro, breaking down to below $1.34. Sterling outperforms, holding above $1.565.
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