Spreadex Market Update
Pro-Remain result in Ipsos MORI Brexit poll sends pound sharply higher
Following yesterday’s ORB/Telegraph survey this afternoon saw another win for the Remainers, a poll from Ipsos MORI giving them an 18 point lead over Vote Leave. Understandably sterling surged on this news, rising just shy of 1% against the dollar to briefly cross $1.46 for the first time in 2 weeks, whilst taking nearly one and a half percent off of the euro. This didn’t much help the FTSE, however, which failed to make much headway despite the likes of Lloyds, RBS and Barclays all jumping 3-4% in the aftermath of the aforementioned poll.
The Eurozone, meanwhile, continued to build on its early gains, the DAX and CAC edging up around 0.5% and 0.7% respectively. The region might get a bit more to work with on Thursday, as the latest ECB monetary policy meeting minutes are released; in April Draghi claimed that the controversial ‘helicopter’ money hadn’t been discussed, so it will be interesting to see what measures were.
There wasn’t much excitement around the US open this Wednesday, the Dow Jones managing a meagre 30 point rise after the bell. Like the Eurozone on Thursday the US gets an insight into its central bank this evening, with the release of the Fed meeting minutes. In light of the surprisingly strong US inflation figure, and the rate hike chatter it has caused, investors may well be looking for an hints on how likely a hawkish swing from the Fed is in June or July.
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