Despite normally being absorbed by the pound, this morning’s manufacturing and industrial production readings – which both beat expectations at 1.3% and 2.1% respectively – appeared to instead help the FTSE, allowing it to come within 8 points of 7300. Sterling, meanwhile, dropped 0.3% against the dollar, but did manage to take 0.1% back off of the euro. Still to come this afternoon is an appearance from Bank of England chief Mary Carney, with the Canadian set to testify before the Treasury Select Committee. That could lead to a bit more volatility for the pound dependent on what kind of comments Carney produces.
While the FTSE chases fresh highs, the Dow Jones looks set to continue to avoid its own landmark level this afternoon. The Dow futures are pointing to a 15 point increase after the bell, something that would still leave the index beneath 19900 following its failure to pick up any growth on Tuesday.
The Dow Jones may end up being a bit jittery for the first part of the session as it awaits a press conference from President-elect, and reported water-sports enthusiast, Donald Trump. Trump arranged today’s presser before all the recent Russian allegations and revelations were leaked, so it may end up being dominated less by policy announcements and more by the kind of petulant denials that have come to define the billionaire’s online presence.