Spreadex Market Update
Pound maintains post-services PMI gains on US-less Monday afternoon
The smallest change took place in the UK. The FTSE continued to trickle under 6900 by around 25 points, the index limited by the sharp declines seen by Lloyds and RBS (thanks to a negative note from Deutsche Bank about the impact of the ‘lower for longer’ interest rate situation), the shrinking gains in its commodity stocks and, most importantly, the sustained growth by the pound. For sterling maintained a 0.2-0.3% rise against both the dollar and the euro this Monday, leading it to tickle 7 week and 1 month highs respectively.
The Eurozone lost all of its initial lustre as the day went on; even the relatively weak performance from the euro couldn’t help matters, investors choosing instead to focus on the disappointing, 19 month low services PMI. The DAX fared worse, dropping by 10 points having at one point been up half a percent.
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