Spreadex Market Update
FTSE eyes 6250 and cable nears $1.47 as Brexit fears continue to recede
The FTSE was the most sluggish index this Wednesday morning, sporadically dipping into the red after a fairly flat open. However a late surge yesterday saw the index climb towards (and at points above) the 6250, the first time it has struck that level in nearly a fortnight.
The pound, perhaps a greater barometer of the market’s feelings around the likelihood of a Brexit than its index-sibling, was slightly perkier this Wednesday. Following yesterday’s choppy trading, which saw cable hit highs not seen since the end of 2015 before slipping back to $1.465, sterling is continuing to hold strong, rising 0.2% against the dollar to once again tickle $1.47. This week’s pound performance marks a remarkable recovery from the lows struck last Thursday, arguably marking a major shift in the market’s perception of the likely outcome of tomorrow’s referendum.
While the FTSE understandably errs on the side of caution the Eurozone indices continued to benefit from the switch in sentiment this morning. The DAX jumped another 35 points, leaving within touching distance of 10100 for the first time in 2 weeks, while the CAC started the day eyeing 4400, a level that it briefly crossed during yesterday’s trading.
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