Spreadex Market Update

US open does little to change things up, dollar struggles against pound and euro



The markets have coped pretty well with what could have been a difficult week – not that it has made for exciting trading in the last couple of sessions.

The US open didn’t do much to change things on Friday. The Dow Jones 70 points after the bell, re-crossing the 25700 it fell below on Thursday. But that was about it, investors choosing not to push the index any higher given the various macro-concerns that have persisted this week.

Over in Europe the FTSE still couldn’t make the most of its wide-spread commodity rebound, the gains seen by the likes of BP, Shell, Anglo American and BHP Billiton countered by the losses suffered in the housebuilding sector following news that UK mortgage approvals tumbled in July. As for the Eurozone, which looked ready to break out at lunch time, the DAX ended up dipping 0.1%, while the CAC saw its growth trimmed to just 0.1%.

Helping suppress the European markets was the gains managed by the pound and the euro against the dollar. A pair of disappointing core and non-core durable goods orders readings, combined with the US-China trade war and the legal problems surrounding Trump’s former cohorts, dragged the greenback lower. Against sterling it shed 0.4%, pushing cable towards $1.287, while against the single currency it lost 0.8%, sending the euro to a fresh 3 week peak.

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