Spreadex Market Update
Pound maintains post-May PM appointment gains, leaves FTSE struggling to break 6700
As expected the Dow Jones rose around 80 to 90 points after the bell, leaving the index within touching distance of last May’s 18350 all-time highs. It looks like the Dow will have to wait until after the European markets close if it wants to hit that peak, the index currently lacking the momentum required to climb any higher.
After the Westminster-based excitement of yesterday the FTSE and pound haven’t had much to deal with this Tuesday. Not that that has stopped sterling from gaining back some ground against both the dollar and the euro, leaving the pound back at prices not seen in over a week. The UK index, on the other hand, wasn’t so fortune; although it grazed 6700 (a new 11 month high) it couldn’t see a substantial rise above that level, instead tripping back to 6670.
It will be interesting to see if the pound’s post-May PM appointment gains can carry through to tomorrow, or whether the increasing proximity of Thursday’s Bank of England vote, and therefore potential rate cut, reintroduces a familiar jitteriness to the currency’s trading. If so the FTSE could surge past that 6700 mark, continuing its remarkably recovery from those post-referendum lows.
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