Spreadex Market Update

Pound strives for perky end to otherwise rough week, Dow at new peak



The pound did its best to end a rather rough week on the rebound, causing the FTSE to miss out on the gains seen by its peers.

Despite Parliament passing the withdrawal agreement bill, edging the nation ever closer to Brexit, sterling was rather perky on Friday. To be honest, the fact that the bill was successful might have been reassuring to the pound – the faster things move, the more time their might be to hash out a trade deal with the EU.

A better than forecast final Q3 GDP reading can take some of the responsibility, arriving at 0.4% against the previously expected 0.3%. The announcement of Andrew Bailey as the next Bank of England chief may have contributed to its gains. Plus the scale of its decline in the last few sessions gave it plenty of ground to recover.

Regardless the exact reason, it added 0.3% against the dollar and 0.6% against the euro, sending it to $1.3046 and €1.177 respectively. Though only a slither of the week’s losses, that growth was enough to keep the FTSE flat at 7575.

In contrast the Dow Jones struck a fresh record high of 28450 after adding another 85 points. The DAX and CAC, the Dow’s lapdogs, followed suit; the German index rose 0.6%, with its French sibling up 0.7%.

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