Spreadex Market Update

Markets ignore Kellyanne Conway’s trade comments, pound in retreat



Without much to go on regarding a trade deal – investors seemed to ignore Kellyanne Conway’s claim that the countries are ‘getting really close’ to completing ‘phase one’ – the markets largely twiddled their thumbs.

Though quiet, the Dow Jones still managed to add 40 or so points – enough to lift it back above 28100 and to an effective all-time high. Elsewhere the CAC added 0.2% to nudge towards its own fresh 12-year peak, while the DAX was broadly unchanged at 13250, a level it has found it pretty hard to escape for any great stretch of time in the last 3-weeks.

As for the FTSE, a 0.1% increase took it to 7400, less than a week after striking an intraday low of 7200.

After sharply rising on Monday on the back of polls pointing to an 80-seat majority for the Tories, the latest surveys showing a shrinking lead for Boris Johnson and co. caused the pound to go in reverse. Against the dollar it shed 0.3%, causing cable to abandon $1.29; against the euro, meanwhile, a 0.4% retreat left it the wrong side of €1.168.

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