Spreadex Market Update

Sterling scatty as currency awaits Brexit deal Cabinet meeting outcome



Wednesday’s scatty trading showed no signs of settling after the US open, the UK markets especially all over the place.

With sterling up 0.2% against the dollar, but down 0.3% against the euro, it became increasingly hard to gauge how the pound was feeling as the day went on. Cable’s gains, at least, seemed more to do with a greenback wobble than sterling strength, the US currency perhaps disappointed that the latest inflation readings didn’t beat forecasts.

To be fair to the pound, it is still waiting for the outcome of the Brexit deal-discussing Cabinet meeting. At best it was working with Twitter rumour and hearsay, the meatiest morsel suggesting 2 MPs – Penny Mordaunt and Esther McVey – could resign rather than back Theresa May’s divorce agreement.

As for the FTSE, it managed quite the 180. Earlier in the session the UK index was in a foul mood, tumbling below 6980 as the oil sector issues continued to bite; now it’s up 0.3%, with BP and Shell’s costly losses almost completely erased as Brent Crude rebounded by 3.3%.

Over the pond, the Dow Jones managed to climb 90 points, returning to 25370 in the process. Still, the Dow hasn’t had a great few sessions, shedding around 900 points in less than a week.

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