Spreadex Market Update
UK inflation in focus this morning, before IMF paints gloomy picture this afternoon
Monday showed just how pronounced investors lack of appetite for putting the FTSE over 6200is, the index failing to gain much ground despite bullish scenes on the continent and a $43 per barrel-pushing performance from Brent Crude. Today seems no different, the UK index falling by around 15 points to slip back underneath its weeks-long resistance level. The pound, meanwhile, had a far more successful start to the week, surging nearly 1% against the dollar before edging up to hit a 7 day high this morning.
How both the FTSE and the pound perform this Tuesday will likely be down to the state of the UK’s inflation figures, especially with the Bank of England rate vote later this week. Expected to remain unchanged at 0.3% the more hawkish investors out there will be hoping the number can inch up to the 0.4% target is just missed out on last month. Regardless, even unchanged the figure would be at its highest point in over a year, a far cry from the negative scenes seen in the US and Eurozone, and could help strengthen the pound after yesterday’s climb.
Talking of Eurozone inflation Germany posted a strong figure for March, rising 0.8% month-on-month whilst increasing a slightly less impressive 0.3% year-on-year. Still, that allowed the DAX to open Tuesday with somewhat of a spring in its step, the index jumping 25 points as the day got underway.
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