Spreadex Market Update
FTSE holds onto slight gains at Xmas Eve close
This was helped by a 0.6% rise in productivity in Q3; this area has been a sore spot for the UK economy recently, so a positive figure could not have come at a better time.
Similarly, in the hours before the US open, the pound managed to reclaim some ground against the dollar after being pushed aside yesterday following the US GDP surprise. It remains to be seen, however, whether sterling will fall once more if the US markets open as strongly as expected.
US futures are still pointing to an above 18000 open for the Dow Jones, with little to upset that this morning. However, a poor unemployment claims figure could disrupt the Dow’s Merry Christmas. On the back of this powerful run, the dollar once again resumed its place as the dominant currency as it maintains its 120 levels against the yen. As both the greenback and the US markets have rallied since their oil-inspired slump, the US economy seems tentatively prepared for the likely rise in interest rates by the Fed in 2015.
Finally, it only seems fitting to end this Christmas comment by discussing the perennial pain the market’s backside, oil. After finding itself in the midst of a minor rebound yesterday afternoon, following the better-than-expected US GDP data, Brent Crude has once more spent the day retracing its steps, slipping to $60.19 per barrel. With the USA announcing its final crude oil inventory before Christmas this afternoon, the commodity could be in for an ugly Eve if the figure looks too high.
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