Spreadex Market Update
FTSE off to shaky start
Germany’s constitutional court will tomorrow decide on the powers of the euro zone’s ESM bailout fund and following Friday’s disappointing jobs data the consensus is that we will see some form of monetary easing this week to underpin what is a fragile US recovery.
Perhaps unsurprisingly assets favoured by risk averse, such as German Bunds and defensive stocks, are being bought this morning. With Gold trading close to 6 month highs, having rallied nearly 7 percent over the past month, it will be interesting to see how far the precious metal could go once the Fed launches another round of quantitative easing.
Having hit resistance at around $1735 for the Dec future overnight the precious metal is now flat at $1732.
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