The FTSE has opened flat this morning despite US indices resuming their positive uptrend this month to deliver more record highs ahead of Q3 earnings season.
While the US has seen record growth in it’s major indexes in October, the FTSE has been unable to follow their lead with a weakening Dollar against the Pound holding back progress for it’s constituents.
That may change later today, however.
“Investors’ focus will shift back to the dollar today ahead of the release of the FOMC minutes which will undoubtedly shed more light on what US policymakers are planning.” noted ADS Securities analyst, Konstantinos Anthis, “The consensus in the market is that the tone will be bullish as the Fed has little reason to change their current view of the domestic economy, following recent data that suggests the US market is fairing relatively well all things considered”
“Today’s release will be crucial for dollar traders who have been on the side-lines since Friday’s NFP report” he added.
Over in the Eurozone, the major indexes were pretty flat too. Spreadex analyst, Connor Campbell noted “The DAX nudged 10 points higher, the German index continuing to move laterally as it tries to muster the momentum to cross 13000.”
“Only the IBEX broke out this Wednesday, with the Spanish index surging 1% as Catalonia stated it would not implement its independence for several weeks to allow for talks with Madrid.”