Spreadex Market Update
Though sterling steadied somewhat on Thursday, the currency remained in a bad way after Wednesday evening’s Tusk telling-off and May’s delusional statement to the nation.With 8 days until Britain is meant to leave the EU, chasing an extension that’ll only be granted if Theresa May’s twice-rejected withdrawal agreement is passed by parliament, the pound look pretty poorly after the bell. Against the dollar it fell another 0.3%, forcing cable back to $1.3155 as the greenback recovered some of its poise after Wednesday’s uber-dovish statement from the Fed. That sterling fared better against the euro, starting the session unchanged, is only because of the size of yesterday’s losses, with it now at a near one-month low of €1.1545. If the pound is hoping for a moment to catch its breath, then good luck with that; as well as the ongoing Brexit drama, the currency has the latest UK retail sales reading to look forward to, alongside the month’s Bank of England rate vote. Investors are going to be specifically interested in the BoE’s comments on no-deal planning, and how it thinks the economy is holding up. Sterling’s struggles, and a rebounding set of mining stocks, helped the FTSE overcome its serious banking sector losses, with the UK index climbing 0.3% after the bell. In contrast the DAX dropped another 0.4%, with the Dow Jones currently facing an 80 point slump later this afternoon.
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