Spreadex Market Update

Markets ignore Trump’s Fed anger as Friday gets off to slow start



The markets weren’t particularly fussed by Donald Trump’s criticism of the Federal Reserve this Friday – the President expressed his disdain for the central bank’s rate hiking plans, and what that means for an already strong dollar – with the European indices smashing the snooze button.

With Brent Crude and copper taking back some of their recent losses, the FTSE could eke out a 10 point rise as the session got underway. That helped push the UK index back above 7700 for the first time since the start of the week, completing the FTSE’s recovery from Tuesday’s lows.

Even with Trump creating a tricky situation for Jerome Powell and his Fed peers heading into August, the pound couldn’t catch a break on Friday. Instead cable slipped 0.1%, keeping sterling teetering at a 10 month low of $1.30. Against the euro, meanwhile, the pound was stuck at levels not properly seen since the end of November last year.

Over in the Eurozone things were just as dull. The DAX dipped 10 points, keeping the German index away from 12700, while the DAX slipped by 0.1%, leaving it struggling to hold above 5400.

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