Spreadex Market Update
FTSE nears 6250 and cable touches $1.34 as post-Brexit rebound continues
Rising another 110 points the FTSE is now nearing 6250, leaving the index around 100 points away from the highs it hit before the referendum results were announced. The morning’s gains mark the latest twist in this Brexit saga, with the FTSE travelling around 600 points in the space of a few days.
As the week goes on it will be interesting to see whether the index settles within the same 6100 to 6300 bracket it has been trading in for much of the year, whether it can see a surprising breakthrough beyond 6400, or whether it still has room to swing back to 5700 given that the various volatile situations caused by the Brexit are nowhere near being resolved. What path the FTSE takes will be in part dictated by the performance of the key banking stocks; for today, at least, Barclays, Lloyds and RBS are building on yesterday’s growth, jumping 2-3%.
While the FTSE continued to climb towards the highs it saw pre-Brexit, the pound hasn’t been quite as robust in its rebound. Nevertheless sterling it still having a go at reclaiming as much ground as it can against the dollar, taking back another half a percent to near $1.34. It couldn’t quite manage the same growth against the euro, falling back to €1.206 as the morning got underway.
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