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Home » News » Currencies » Investor attention to switch to the Pound

The FTSE was down around 10 points in early trading this morning. “This comes after a a mixed finish on Wall St was bettered by a positive session in Asia overnight” noted Accendo Markets Analyst, Mike van Dulken, “where Hong Kong outperformed thanks to financials.”

“Gains for oil, iron ore and copper have helped sentiment even if precious metals remain under the cosh as Fed chair Yellen’s testimony looms tomorrow”

Investors are likely to have an eye on the tone of two of the Bank of England’s key policy makers speeches this afternoon which switches attention to the pound.

ADS Securities Analyst, Konstantinos Anthis commented “Bank of England’s Andy Haldane and Ben Broadbent will be speaking publicly today in two separate occasions and their views are bound to take a toll on the Pound.”

“Chief Economist Andy Haldane’s bullish views became clear last month when he mentioned that he’s considering voting in favor of raising rates at the next BoE meeting; if Broadbent joins the ranks of policymakers suggesting that a higher interest rates policy is needed then the Pound stands to gain back some of the ground it lost at the end of last week.”

Over in the Eurozone the DAX and CAC continued to build on yesterday’s sold growth, jumping 0.7% and 0.4% respectively.

US equity markets closed around breakeven on Monday, with the exception of the Tech-focused Nasdaq as large-cap Tech names extended their rally from Friday. Mike van Dulken added “Amazon and Tesla were the major movers, the former rallying ahead of its Amazon Prime day while investors welcomed photos of the latter’s new model.”

“Tech also led the S&P500 higher, albeit marginally, while losses for Wal-Mart offset Boeing strength on the Dow Jones as it closed just shy of flat.”

This article is not investment advice. Investors should do their own research or consult a professional advisor.

Michael Morton

Michael Morton

Michael has worked within the Financial Industry for more than 20 years. Starting out as a financial analyst, he has extensive experience working with fund management groups and brokerages.

With an interest in Stocks and Shares, Funds, ETFs and Commodities, his investment focus is medium to long term gains, with the objective of financial security on retirement, and building wealth for his young children for their adult life. His broker of choice is Hargreaves Lansdown.

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