Though now down just 20 points things still aren’t great for the UK index. Having hit a fresh all-time high this time last Monday, an aggressively negative series of sessions last week, largely inspired by the pound’s gains following Theresa May’s Brexit speeches, has effectively wiped away the remarkable gains it managed in the first fortnight of 2017. The FTSE still has a way to go before it dips under the key 7000 level; however, the index’s rampant optimism does seem to have come to an end in conjunction with the pound beginning to peek its head above the parapet after a month or so of suffering.
Talking of sterling, the currency kept hold of its half a percent-plus growth against the dollar to trade at $1.245 for the first time since before Christmas. It also managed to dip a toe over €1.16, though without enough gusto to suggest it can really mount a significant push beyond that level just yet.
Looking ahead to the US open and with the dollar still pretty soft (as well as its losses against the pound it has shed 0.3% against the euro and 0.5% against the Japanese yen) one would expect the Dow Jones futures to be a bit perkier. Instead they are pointing to a 15 point fall after the bell, the index just as disappointed as its currency-counterpart in Donald Trump’s lack of policy detail last Friday.