Spreadex Market Update

Pound clings onto Brexit deal hopes; Dow Jones fails to open above 30,000



The pound erred towards hopefulness on Tuesday, a mixed afternoon for Brexit headlines failing to prevent the currency from edging higher.

Though reports state that Boris Johnson has told his top ministers that the ‘most likely’ outcome of talks is a no deal Brexit, it is the view of many analysts, including those at Deutsche Bank, that a resolution could well appear by the end of the week.

Rather than the more extravagant gains posted during Monday’s trading, gains sterling eventually couldn’t hold onto, the pound settled for a more timid, and more manageable, 0.4% increase against the dollar and euro alike. That puts cable back above $1.337, while lifting sterling to a 5-day high of €1.1005 against its single currency peer.

Shifting into reverse, the FTSE responded with a 0.6% decline, leaving the index perilously close to slumping under 6,500. The FTSE 250, interestingly, was also down 0.4%, bucking the trend that normally sees mid-caps right there alongside the pound.

Once again struggling to keep above 30,000, a 90 point increase for the Dow Jones left it 50 or so points short of that landmark level this afternoon. It seems comments from the FDA, highlighting the efficacy of the Moderna vaccine, weren’t enough to give the US index the kind of injection the Dow needs if it is to remain above 30k with any permanence.

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