Spreadex Market Update
Investors traded cautiously throughout this morning’s session
Investors traded cautiously throughout this morning’s session in anticipation of today’s U.S jobs data. Released at 13:15 GMT, the ADP non-farm employment data proved to be disappointing with the estimated change in the number of employed people during the previous month printing at 175k against a 191k estimate. Whilst markets have edged lower, the lack of a reaction would suggest that market participants feared far worse after such a bearish month.
The FTSE 100 looks set to break its five-day losing streak with shares in RSA buoying the index. Volatility - reaching a seven month high yesterday - has finally subdued, suggesting investors’ concerns are easing. This comes despite a report this morning showing UK service had unexpectedly slowed in January. Activity did however remain strong, indicating a strong start to 2014. Today’s data is the last before the Bank of England announces its February rate decision (tomorrow mid-day).
The impressive speed of Britain’s recovery has added pressure on the central bank to raise rates sooner than planned. However, policymakers have stressed that the bank is in no hurry to hike interest rates as inflation has fallen to its target and wage growth remains subdued. Whilst Britain's economy had one of the fastest recoveries among industrialised nations last year, growth has largely been driven by household spending . The Central Bank is making an effort to shift towards business investment and stronger exports.
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