Spreadex Market Update

Pound pops higher as Supreme Court rules prorogation ‘unlawful’



Celebrating Boris Johnson’s latest defeat – his short premiership has so far been defined him turning a blind eye to repeated failure in hopes of securing a ‘people vs parliament’ election – the pound popped higher on Tuesday.

The Supreme Court ruled that the PM’s prorogation was, as evident to many, a cynical and illegal act, clearing the way for Parliament to resume on Wednesday. That means, instead of sitting by the side lines, sterling can strap back into the gut-churning Brexit rollercoaster, as Leavers and Remainers battle over the fate of the county.

For now undaunted by the impending headache, the currency climbed 0.4% against the dollar, allowing cable to cross $1.2487. Against the euro, meanwhile, the pound was up 0.3% and back at a 4-month peak of €1.1342.

Johnson was joined in his displeasure at such an outcome by the FTSE, which tumbled 0.6% in the face of the pound’s gains. The UK index is now trading at 7280, returning to the 2-week lows struck during Monday’s session. That its mining and oil stocks were all firmly in the red didn’t help one bit.

Over in the Eurozone the situation was mixed. The DAX, still nursing its wounds after yesterday’s horrorshow manufacturing PMI, fell 0.2%, but with the CAC unchanged at 5625. The Dow Jones, meanwhile, remained in post-Fed/pre-trade talks limbo, adding 0.1% as it trying to keep hold of 27000.

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