Spreadex Market Update
FTSE climbs back above 6150 whilst pound hovers in $1.42s after latest Brexit poll
The FTSE just about managed to be the best performing index this morning, its slight besting the mixed picture painted by the Eurozone. There is the threat that things could get worse for the UK index this Monday, however, with Brent Crude threatening to fall under $38 per barrel and copper dipping its toe below $2.15 per pound. So far the commodity sector is avoiding the kind of sharp declines it is now known for, though it is still early days yet and as investors are painfully aware the state of the oil and mining stocks can switch in a blink of an eye. Data-wise the only thing of note out of the UK today is the latest construction PMI, expected to rise to 54.3 from last month’s 54.2.
Whilst the FTSE flirted with flatness the pound began to tick lower after the bell, cable now hovering in the $1.42s following last week’s dollar-boosting non-farm jobs report. Sterling likely wasn’t helped by an Observer article over the weekend suggesting that, according to an online survey by Opinium, the Leave campaign has a 4 point advantage over the Remainers.
The survey also revealed that 18-34s are likely to be the main battleground in the coming months, especially for those looking to stay in the EU. For whilst the demographic backs the Remain campaign by 53%, only 52% of those polled intend to go out and vote. Of course this poll is just one of many (and we all learnt a lesson in survey-certainty in the last election); yet it does serve to highlight the constant barrage of information the pound is going to have to process in the run up to June.
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