Spreadex Market Update

Sterling tempers gains as Article 50 extension vote grows closer



The pound kept going back and forth on Thursday, unsure about how confident it should feel entering this latest stage of Brexit chaos.

Cable has veered between $1.3207 and $1.333, seeming to settle around $1.327, while against the euro sterling hit highs of €1.176 and lows of €1.168, lurking at the upper end of that band at €1.174. In terms of what it reacts to out of hours, it might be the size of any potential victory for those backing an Article extension that ends up being key; obviously, if MPs vote against a delay, sterling ain’t gonna be happy...

Despite the pound’s inconsistencies, the FTSE found a nice little groove as the day went on, sporadically crossing 7200 as it rose 40 to 50 points. This growth was matched by the CAC, which teased 5350 after climbing 0.7%.

The DAX and Dow Jones, on the other hand, were up for getting involved. The German index was flat at 11570 following a disappointing CPI reading from the country, while the Dow was similarly unchanged at 25700.

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