Spreadex Market Update
Trump sparks dollar sell-off with WSJ comments
"Regardless of whether this selloff has been overdone or not, there is little on the economic calendar to displace it from the forefront of investors’ minds"
The pound obviously relished Trump’s comments, climbing another half a percent in what has already been a very strong week for the currency. That leaves cable a smidge below 1.255, and only one final push away from the month highs it saw at the end of March. This in turn dragged the FTSE lower, the UK index dropping 45 points with the majority of its commodity and banking stocks also in the red.
The Eurozone indices suffered the same fate, the DAX and CAC falling by 0.5% and 0.6% respectively. That’s because the euro was an even bigger beneficiary of the dollar-situation, rising 0.6% against the US currency to hit a one week peak.
Regardless of whether this selloff has been overdone or not, there is little on the economic calendar to displace it from the forefront of investors’ minds, meaning the dollar may struggle to regain its footing until this afternoon’s US session at the very earliest.
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