Spreadex Market Update
There was a slight improvement from sterling as Friday went on, thanks to a hawkish rebuke to Carney’s Thursday dovishness from MPC member Michael Saunders. Saunders, who actually voted for a hike in March, argued that a ‘gradual’ increase in interest rates should not be read as ‘glacial’, nor does it mean that rates are raised just once a year. However, the pound-boosting potential of these comments was tempered by the fact that a) this wasn’t some dove-to-hawk switch given Saunders’ stance last month, and b) he doesn’t feel that ‘the exact timing of rate changes must be totally predictable or signalled in advance’. Still, sterling found some solace in Saunders’ words. Against the dollar it reduced today’s losses to just 0.1%, allowing cable to sneak across $1.405, while it actually rose 0.2% against the euro, jumping back above €1.143. The meagreness of this turnaround compared to the losses seen since Monday’s highs, however, meant the FTSE was free to rise half a percent, holding at a 7360-plus 11 week peak. Turning to the US open and there’s not a lot to get excited about. The Dow Jones is set to drop 30 or so points when the bell rings on Wall Street, the index continuing to stall following the one month-hitting highs seen in the first half of the week.
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