Spreadex Market Update
Hawks get UK inflation boost as figure hits 15 month high ahead of Thursday’s Bank of England rate vote
Whilst those questions can wait until Thursday’s MPC rate vote the pound wasted no time in gaining back some of the ground it has lost of late, cable continuing yesterday’s near 1% surge with a half a percent rise as the morning went on. The FTSE wasn’t quite as jubilant; still stuck at 6200 the UK index saw painfully little movement this Tuesday, investors’ lack of appetite to push it any higher once again leaving it stranded at its persistent resistance level.
Much as they did on Monday the Eurozone indices outperformed their British cousin this Tuesday, the euro’s weakness against the pound allowing the DAX and CAC to rise 0.4% and 0.1% respectively. The German index had already benefited from its own inflation-boost this morning, the country’s CPI reading increasing 0.8% month-on-month.
Despite the undoubtedly gloomy IMF economic outlook report is still set to come this afternoon, potentially threatening to destabilise the morning’s mild gains, the US futures are still suggesting a near 50 point increase from the Dow at the US open. Beyond the IMF unveiling all the US has to preoccupy itself with this Tuesday are the latest import prices, expected to rebound to 1% from last month’s -0.3%.
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