Spreadex Market Update
Pound slides ahead of goods trade deficit data, while FTSE barely moves above 6810
Settling around 6810 the FTSE didn’t look particularly ambitious at the start of the session, barely moving from yesterday’s closing price; it isn’t helping that the miners are shedding most of yesterday’s gains. The pound, on the other hand, immediately began to suffer, dropping half a percent against the dollar to dip below 1.30, nearing a one month low in the process.
The reason behind sterling’s Tuesday slide appears to be the prospect of more goods trade deficit bad news, with the gap between Britain’s imports and exports expected to widen to £2.5 billion from £2.2 billion last month. The manufacturing and industrial production figures are meant to be a bit more promising, rising from -0.5% to 0.0% and -0.5% to -0.1% respectively, though these numbers are for June so miss out on any real Brexit impact.
Over in the Eurozone things were just as quiet, with both the DAX and CAC starting the day flat. The former may have been hampered by its own trade balance figure, which showed the German surplus unexpectedly fall from €22.1billion to €21.7 billion month-on-month.
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