Spreadex Market Update
Muted trading set to continue as Dow Jones processes surprisingly upbeat Fed statement
Flitting mild losses and even milder gains the FTSE currently finds itself around 16 points lower but, crucially, still only around 40 points away from yesterday’s 12 month high. The index is caught between the push and pull of its morning reporters, the gains from the likes of Sky and Anglo American countering the losses incurred by Shell and Lloyds. As for the pound, well, while it is holding steady at 1.316 against the dollar it is having a horrible morning against the euro, plunging 0.8% to hit 1.186.
Looking ahead to the US session and with only the usual jobless claims on offer (forecast at 261k against the 253k seen last week) it doesn’t seem as if there is going to be a huge shift in sentiment this afternoon. The Dow Jones’ pre-open reticence is understandable; yesterday’s Fed statement was more hawkish than anticipated, with Janet Yellen and co. leaving a rate hike as early as September on the table. The central bank stated that the ‘near-term risks to the economic outlook have diminished’, but that inflation still remains far below its long-term target.
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