Spreadex Market Update
Philip Hammond’s £26.6 billion Brexit war chest, and the increased likelihood that the UK will ask to delay Brexit, helped the pound grow its gains on Wednesday. It appears that sterling is now working on at least two assumptions. One, that there is no appetite for a ‘no-deal’ Brexit among the majority of MPs – including the Prime Minister herself – something that will be reflected in Wednesday’s vote. And, two, that this will lead to a pound-positive outcome from Thursday’s ballot on whether or not to request an extension to Article 50. Of course, it’s not as simple as that; any delay would have to have the unanimous approval of the EU’s 27 member states. And even then, there may be a disagreement over the length of any extension, with Theresa May after an extra 3-ish months and the European Union likely to want something a lot longer, if anything at all. But given how granular the pound has been in its reactions, those future roadblocks will be dealt with as and when. At the moment, it is content enough with the idea that the next 2 days will go the way it wants, allowing the currency to climb 0.9% against both the dollar and the euro. The pound’s performance had a knock-on effect elsewhere. The FTSE loitered around 7150 as it dipped 0.1%, while the DAX and CAC, happy with the weakened euro, rose 0.4% and 0.5% respectively. As for the Dow Jones, it jumped 180 points, at least in part aided by the greenback’s decline.
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