Spreadex | Jan 11, 2019 12:02
While the European indices started to flatten out, the pound rose after some Brexit speculation.
Climbing 0.3% against the euro and 0.7% against the dollar, sending cable above $1.283 for the first time since late November, sterling was working with a couple of positive titbits on Friday. A better than expected monthly GDP reading – it was still only 0.2% – took the edge off of another manufacturing production disappointment and helped send the currency higher.
More important was a news item in the Evening Standard suggesting that the 29th March Brexit date may have to be delayed because, at the moment, Britain wouldn’t be in any way ready. And though a spokeswoman for Theresa May claimed Article 50 won’t be extended, the pound was keen to make the most of report.
Sterling’s gains, alongside a reversal in its commodity and banking sectors, saw the FTSE completely give up the growth that, at one point, had seen the index strike 7000. The DAX and CAC, meanwhile, tumbled into the red after a decent start, falling 0.3% apiece.
The mild losses are set to continue when Dow Jones gets involved, with the futures having the index pull back from 24000 as it dips 50 points. As for some US data, the latest inflation reading is expected to slip from 0.0% to -0.1% month-on-month.
Disclaimer: Spreadex provides an execution only service and the comments above do not constitute (or should not be construed as constituting) investment advice or recommendations, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any person placing trades based on their interpretations of the above comments does so entirely at their own risk. Spreadex Ltd is a financial and sports spread betting and sports fixed odds betting firm, which specialises in the personal service and credit area. Founded in 1999, Spreadex is recognised as one of the longest established spread betting firms in the industry with a strong reputation for its high level of customer service and account management.
In relation to spread betting, Spreadex Ltd is authorised and regulated by the Financial Conduct Authority. Spread betting carries a high level of risk to your capital and can result in losses larger than your initial stake/deposit. It may not be suitable for everyone, so please ensure you fully understand the risks involved.
Written By: Spreadex
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.