Spreadex Market Update
FTSE and pound maintain gains as BoE rate vote approaches; Dow Jones set to smash all-time high
Now trading at 6740 the UK index is continuing to trade at fresh 11 months highs, and is edging ever closer to that 6800 12 month peak (something it could reach dependant on what kind of plan Carney and co. announce). The pound, meanwhile, is showing an impressive resilience. Rising half a percent against the dollar and the euro there is a chance that sterling has already priced in a rate cut from the Bank of England, meaning that potentially only the announcement of more robust stimulus measures (i.e. QE) will cause a substantial decline from the currency.
Of course there is more to the central bank’s role this afternoon than the interest rate figure alone. The tone of its statement will arguably be just as important, needing to strike a balance between making the severity of the situation clear all the while reassuring the markets that things can be gotten under control.
Beyond the Bank of England there could be real excitement this afternoon, as the Dow Jones looks to smash yesterday’s all-time peak. Despite (or perhaps because of) the focus being firmly elsewhere the futures are pointing to an 170 point rise for the Dow after the bell, something that would see the index leap past 18500 for the first time in its history.
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