Spreadex Market Update
Article 50 report puts Brexit fear back into pound
Having shown resilience earlier in the day sterling began to suffer after lunchtime, falling 0.8% against the dollar and around half a percent against the euro. That wipes out a decent chunk of the post-inflation, post-retail sales gains it has made in the past few days, though it is still up on the week following the surprising firmness of the UK’s data.
Interestingly the Article 50-fear wasn’t kept just to the currency markets. With little else to process the major indices all suffered in the aftermath of the report; the FTSE had some of its losses mitigated by the pound’s own pain but still fell 0.4%, while the DAX and CAC really struggled, slipping 0.9% and 1.2% respectively. Even the Dow Jones couldn’t ignore the impact of the news, the US index sliding by nearly 80 points after the bell.
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