Spreadex Market Update
The sheer amount of news this Thursday sort of cancelled itself out, leading to a muddled, rather boring, afternoon of trading. The Bank of England’s final meeting of the year was utterly pointless, the most interesting aspect being that it thinks the UK’s GDP ‘in Q4 might be slightly softer than in Q3’. There was more to work with in the ECB’s latest statement, as the central bank revealed a string of sharp upwards revisions to its growth forecasts while admitting inflation won’t reach its targeted 2.0% by 2020. That latter comment caused the euro to slip 0.2% against the dollar and the pound, taking the currency to $1.18 and £0.88 respectively despite a pair of very strong region-wide flash manufacturing and services PMIs this morning. Cable, meanwhile, sat flat just above the $1.34 mark, unable to keep hold of the growth it saw earlier in the day thanks to the far better than forecast US retail sales reading for November. As for the global indices, there was a notable difference between Europe and the US. In the former things took on a reddish hue, with the FTSE down 0.2%, the CAC 0.2% and the DAX 0.1%. The Dow Jones, on the other hand, nudged 40 points higher, allowing the index to open at a fresh, 24600-plus record peak.
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