Spreadex Market Update
US open boosts markets as investors chew over Eurogroup soundbites
Whilst there was a slight improvement in jobless claims, that 2% inflation target was dealt a hit this afternoon as the latest CPI figure came in below expectations. This helped both the pound and euro maintain their gains against the dollar, and in turn pushed the Dow Jones all the way back up to 18100, its highest level in a week.
This US movement helped the Eurozone leap into the green, despite a lack of progress over Greece. All the usual players were in action with soundbites this afternoon: Christine Lagarde was adamant that Greece must pay the IMF its €1.6 billion on June 30th and wants an ‘intelligent approach’ to any deal, but claimed the IMF itself must be ‘credible and flexible’; Varoufakis claimed rather enigmatically that he will present Greek 'ideas' at the Eurogroup meeting; whilst Wolfgang Schauble used the word ‘optimistic’, which is remarkable in and of itself.
This is all well and good but variations on these quotes have been found time and again since this iteration of the Greek crisis began back in January, and it still looks like chances of progress at this Eurogroup meeting are on the miracular-side of hopeful. And, of course, polite words in public don’t change the nastiness that is likely to follow the ever-increasing eventuality of missed repayments at the end of June.
Where the Eurozone and US markets go, the FTSE will usually follow at the moment, even if it is normally in a milder form, and that was just as true this Thursday afternoon. The UK index is on its way back to the 6700 mark it has been dancing about this week and with little of interest tomorrow, the FTSE is likely to be at the mercy of those on the continent once again.
It's easy to open an account
- Fill in our simple online application form
- Fund your account
- Start trading the global markets instantly!
SEARCH FOR AN ARTICLE:
Enter a keyword and search for all relevant articlesMARKET ANALYSIS
RECENT POSTS
DISCLAIMER
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.
Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.
No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.
The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.
