Spreadex Market Update
Dow Jones slips following hawkish(ish) Fed statement on uninspired Thursday afternoon
Falling around 35 points after the bell the Dow Jones fell further away from its recent all-time highs, much of its negative energy stemming from yesterday’s surprisingly update statement from the Federal Reserve. Yet even with its slight fall neither the Dow or the dollar (which has taken around 0.3% off of the pound but is being hammered against the euro) seem to have had a huge reaction to the fact that the Fed has left a September, or at the very least 2016, rate-hike on the table. Perhaps they are taking the Fed’s words with a pinch of salt; like its UK peer the US central bank doesn’t have a great track record of delivering on its not-quite, but not-not, guidance.
As for Europe, well, there wasn’t much to discuss. The FTSE saw its losses slightly widen to around 20 points, while both the DAX and the CAC slipped by 0.3% apiece. The pound bore the brunt of the action, plunging by 1% against the euro as investors begin to look ahead to next week’s Bank of England meeting and likely rate cut.
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