Spreadex Market Update
Muted open for European markets; pound holds just below post-BoE highs
While not quite at its earlier highs the pound nevertheless held onto the majority of the growth it managed following the Bank of England’s decision not to cut interest rates this month. That leaves cable at $1.335 (having struck $1.34 for the first time since the referendum just after the bell), with the GBP/EUR hovering around €1.20.
The FTSE, on the other hand, continued to sulk about the central bank’s lack of action, slipping back to 6650, around 100 points lower than Thursday’s peak. Of course it wasn’t just the Bank of England’s decision pushing the UK index lower; as has become an all too regular occurrence the travel and leisure stocks have fallen this morning following the horrifying scenes in Nice yesterday evening.
The Eurozone indices were in a similar position to the FTSE this Friday; the DAX dropped 0.4%, while the CAC fell by 0.6%. The region releases its latest inflation figure later in the morning; the reading is expected at an unchanged 0.1%.
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