Spreadex Market Update
FTSE and pound continue to rise despite Bank of England rate vote proximity
Another batch of all-time highs for the Dow Jones, and a strong Asian session for the Nikkei, has helped feed into the positive sentiment this morning, allowing the FTSE to climb another half percent after the bell. That leaves the UK index in the 6730s, its best price since last August (if it wants to turn those 11 month highs into a fresh 12 month peak then it needs to break 6800).
Even the pound pushed forth this Thursday despite sterling being in line for the biggest drama if the Bank of England choses (as many analysts think likely) to cut interest rates to historic lows of 0.25% or below. Cable has jumped another half a percent to re-cross $1.32, while the GBP/EUR is back above €1.19; whether the pound can remain anywhere near those levels is now in the hands of Mark Carney and his central bank colleagues. Expect a few jitters to creep in as lunchtime approaches.
While the UK deals with the Bank of England the Eurozone indices are showing no signs of slowing down. The DAX surged 100 points higher, touching 10070 for the first time since the day of the referendum results, while the CAC rose another 0.9% to eye 4400.
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