Spreadex Market Update
FTSE and pound get off to quiet start ahead of UK goods trade balance data
At most rising by 10 points the FTSE continued to hover around the 6550 mark this morning, that level having become the UK index’s safe space for much of the week. The pound was similarly settled (it’s all relative) at the start of Friday, trading just above $1.29 against dollar and €1.165 against the euro.
Before the non-farm fun this afternoon the UK releases the only real number of note in the European session, the latest goods trade balance figure. The deficit is expected to have shrunk to £10.2 billion from £10.5 billion the previous month, pretty much smack bang in the middle of the £9-11 billion bracket the figured has moved about in for the past 12 months or so. Any surprise in this figure could well cause consternation or celebration for the pound or the FTSE, though both seem fairly committed to their current pseudo-stability.
The Eurozone indices were a bit perkier this morning. The DAX rose around half a percent despite a fall in the German trade surplus, while the CAC edged 0.2$, slightly hampered by a worse than forecast French industrial production figure.
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