Spreadex Market Update
FTSE keeps its head above 6550 as Thursday’s moment of respite continues
The FTSE only widened its rebound as the afternoon went on, jumping 1.5% to approach 6700; the pound, on the other hand, shrank away from its midday highs, up only 0.3% against the dollar and a more respectable 0.6% against the euro. The Eurozone indices, meanwhile, keep up the same pace as their UK counterpart, the DAX and CAC climbing 1.1% and 1.5% respectively.
Having proven reticent to join in with Europe’s growth earlier in the day the Dow Jones (sort of) turned things around by the US open, rising 50 points after the bell. It seems that the index was boosted by the latest improvement in its job sector after last month’s non-farm nightmare, with both ADP payrolls and jobless claims figures coming in better than expected at 172k (against 158k forecast) and 254k (versus the 269k anticipated) respectively.
So, after today’s flurry of gains what will tomorrow bring? Well, a fortnight on from the referendum results investors finally get their first real distraction from the post-Brexit mayhem as June’s US non-farm jobs report is released. May’s figures were staggeringly bad, with the headline employment change number coming in at a paltry 38k; this month things are meant to improve, back up to 174k, but not by enough for the Fed to seriously consider raising rates any time soon. How the non-farm jobs report pans out could see some interesting movements for cable, especially if the figures manage to underperform expectations.
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