skip to Main Content
 

Pound hit by Scottish Referendum speculation

*

US indices closed higher on Friday as the Dow Jones notched its 11th consecutive closing high, its longest record since 1992, while investors await a key Trump address to Congress in the early hours of Tuesday.

Accendo Markets Analyst, Mike Van Dulken commented – “Johnson & Johnson led risers on the Dow, helping it close 0.05% higher, as the S&P 500 (+0.2%) also closed at a fresh all-time high thanks to Utilities strength while the Nasdaq too finished up 0.2%.”

The latest fresh development overnight has been the slide of the UK Pound when Asian markets opened for trading; the UK currency dropped following a report over the weekend that claimed that Prime Minister May is preparing for Scotland to call for a new referendum in light of the Brexit decision. The currency’s slide was good news, however, for the FTSE, which rose around 20 points after the bell, though that increase still leaves the UK index adrift of its persistent 7300 resistance level.

Spreadex Analyst, Connor Campbell noted – “Brexit fears are back on the agenda this Monday morning, with the pound bearing the brunt of investors’ fretful trading.”

The Eurozone saw a similar level of growth this Monday, with the DAX and CAC jumping 0.3% and 0.2% respectively. Like the FTSE, however, that sees both the German and French indices down on last week’s highs, the former especially seeing a sharp movement away from the 12000 level it had struck for the first time in nearly 2 years.

In focus today

In focus today will be the build up to tomorrow’s Congressional address by Trump, which should shed more light on how bullish he is over his reforms schedule moving forward, and the Eurozone climate indicators. While each of the Economic, Business, Industry and Services segments are expected to deliver firm readings for February, the final print for Consumer is likely to confirm some deterioration.

Later this afternoon, economists expect a rebound in January for US Durable Goods orders while the Dallas Fed Manufacturing Index will likely come in lower for February.

Like this article? Sign up to our free newsletter.

This article does not constitute investment advice. Do your own research or consult a professional advisor.

The Armchair Trader's 'How to' Guides

In-depth Reports

Detailed reviews of selected companies and investment trusts.

Thanks to our Partners

Our partners are established, regulated businesses and we are grateful for their support.

Aquis
FP Markets
IG
Pepperstone
WisdomTree
CME Group
Back To Top