Spreadex Market Update
Dollar reached a 2 year high against the euro
Forex markets, the dollar reached a 2 year high against the euro with EUR/USD hitting a low of 1.25710, however with consumer confidence results below expected and the scare of an Ebola outbreak in the US the euro has begun to regain some of its losses, rising to 1.26248. This could be short lived as investors await the President of the ECB, Mario Draghi’s press conference.
In addition to above the GBP has also managed to strengthen against the dollar having slumped earlier this week, now up to 1.61980 up 0.0024 this morning.
FTSE 100 opened down 12.4 points as UK supermarkets took the brunt of losses yesterday, Sainsbury’s down 6.8% at the close. With further investigations into the accounting misunderstanding at Tesco, there could be further movements in the supermarket sector.
Brent crude oil has dropped further down to 9360, down 53 points since open. World oil prices are at a three year low and have been on a downtrend since July. Some of the recent downtrend could be in relation to the strengthening dollar so this slide could slow.
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