Spreadex Market Update
Bank of England-eyeing pound continues to fall, while Dow Jones edges closer to all-time peak
It is the latter point that is arguably most pertinent for the FTSE and pound. With many analysts and investors alike expecting Carney and his central bank cohorts to cut interest rates to a fresh historic low of 0.25% (or, gasp, even zero) sterling has fallen further this Monday, losing around half a percent against both the dollar and the pound. For the FTSE this means more gains, the UK index creeping up another 25 points to lurk near its 11 month highs.
While a tad lower than they were just after the bell the European indices have nevertheless maintained their growth this morning, the DAX and CAC climbing 1% and 0.6% respectively. The region is still waiting for the day’s Eurogroup meeting to get underway, so has therefore had precious little to deal with since the European session began.
Looking ahead to the US open and the Dow Jones is set to tentatively build on last Friday’s robust post-non-farm growth, jumping 40 points to tease 18200. That now leaves the Dow at new 2016 highs, beating the levels struck in mid-April, with the index only 150 points away from its all-time peak.
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