Spreadex Market Update
A somewhat tough to explain rebound from sterling forced the FTSE back towards 7400 as April started to wrap up. There seemed to be a confluence of factors causing cable’s 0.7% increase, one that pushed the pound above $1.302 for the first time in approaching a fortnight. Lingering disappointment on behalf of the greenback regarding the underlying softness of last Friday’s better than forecast US Q1 GDP figure may be playing its part, ditto the increased chatter of a rate cut from the Federal Reserve at some point later this year. On the sterling side of things, reports of ‘a new optimism about a change in tone’ regarding the cross-party Brexit talks may be boosting the currency – though there are those, like Jeremy Hunt, who appear keen to throw a spanner in the works – as well as the fact it has, all told, had a terrible April. Regardless the reason, the pound’s gains – it was also up 0.4% against the euro, despite the Eurozone’s better than expected Q1 growth – combined with the worsening state of its miners, and a downturn from all its non-Standard Chartered banks, caused the FTSE to fall half a percent. That leaves it barely clinging on above 7400 and on track for its worst close for nearly a month. The Dow Jones got away with an insignificant 0.1% decline after the bell, lucky given the 8%-plus dive suffered by Alphabet. This evening sees an after-hours Q2 update from Apple, so it could see more movement tomorrow.
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