Spreadex Market Update
FTSE hits 11 month high while pound begins to stagnate
Crossing the 6600 mark once again, and tickling 11 month highs in the process, the FTSE is continuing to prove its post-Brexit resilience, boosted by a wave of multinationals ostensibly excited by the cheaper pound. Talking of the pound, sterling is still struggling, stuck below $1.30 against the dollar and just above €1.17 against the euro. There is precious little for the UK markets to deal with this Monday, a data-less day that will likely see the FTSE and pound flit around their current levels.
The Eurozone indices, which admittedly have further to climb, surged forth this morning, the DAX and CAC rising by 1.2% and 1.1% respectively. The region could be the source of the biggest of news this Monday, with the Eurogroup set to meet this afternoon. Nothing concrete is likely to come of this latest catch-up between the region’s finance ministers, though investors might get a bit more insight into the current sentiment towards Britain, a topic that is set to dominate the pre- and post-meeting interviews and dispatches that will surround the event.
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