Spreadex Market Update
Quiet Friday morning sees lethargic open from the FTSE, pound hovering near month highs
Despite Brent Crude flirting with $41.50 per barrel the FTSE couldn’t muster much energy this morning, the index once again trying (and, for now, failing) to significantly push past the 6200 mark with a slight 15 point increase. An empty economic calendar leaves the UK index eyeing the oil price, a spotty set of commodity stocks apparently unimpressed with the black stuff’s comeback in the latter part of the week. The pound, meanwhile, is still near(ish) the month highs it hit after the double inaction of the Fed and the Bank of England, cable now trading at $1.445.
Following on from yesterday’s sudden shift in the sentiment the Eurozone indices started the day in lethargic fashion, the DAX dropping 20 points (suffering after the morning’s far worse than forecast German PPI figure), with the CAC eking out a 5 point increase. Like the FTSE there is little for the Eurozone to play with this Friday, the day likely to be a consolidation of the week’s central bank-driven trading rather than anything particularly revelatory.
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