Spreadex Market Update
FTSE falters as goods trade deficit widens, but pound continues to rebound
The pound, on the other hand, has settled into a more positive groove, jumping around half a percent against both the dollar and the euro. In terms of data it was a mixed bag from the goods trade balance figure; while between April and May the deficit widened to £9.9 billion from £9.4 billion, that latter number was revised lower from the initial £10.5 billion reading posted last month.
With the Brexit fears seemingly on pause this Friday the Eurozone indices had the green light to stretch their legs, an opportunity the region more than welcomed. The DAX rose just shy of 1%, crawling back to the 9500 level it has spent the week struggling with, while the CAC jumped by 0.6%.
Of course the day’s main event is still to come, with the US non-farm jobs report set to arrive this afternoon. Last month the figures were truly woeful, the headline employment change reading coming in at a paltry 38k; this month things are expected to improve to 175k, a 3 month high, though that rise may be countered by stagnant wage growth (stuck at 0.2%) and an increase in unemployment back to 4.8%. Nevertheless the Dow Jones seems in a fairly good mood ahead of the release, the futures suggesting a 40 point jump after the bell.
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