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The pound’s worst performance came against the dollar, with cable at points striking lows not seen since the end of October. Against the euro the pound failed to fare any better, shedding 0.8% in value to sit firmly at a 2 month nadir. Sterling’s slump initially helped lift the FTSE to a fresh intraday high just shy of 7240; however, since then the UK index has lost some of its shine, dipping back under 7220 in part thanks to a smattering of notable losses from Lloyds and RBS.

Over in the Eurozone the DAX and CAC suffered in light of the euro’s strength, the German and French indices dropping 0.5% and 0.7% respectively. It seems that news of a near 18 month high Sentix investor confidence reading, which came in at 18.2 against the 12.6 forecast, was absorbed by the Eurozone’s currency, leaving the DAX and CAC to deal with their morning losses.

Looking ahead to the US open and after missing out on the 20000 mark by a matter of cents the Dow Jones has slipped back this Monday, the futures pointing to a 10 point dip after the bell. That leaves the Dow around 50 points away from the landmark level, but with a strong dollar and an empty economic calendar as obstacles this afternoon.

Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Connor Campbell

Connor Campbell

Connor joined Spreadex in 2014 as part of a newly expanded financial analyst team after graduating from the University of Southampton with an MA in English. His focus is on providing Spreadex's customers with up-to-date and informative news, and is responsible for the market analysis found on the Spreadex website.

Connor produces three daily market updates, a daily stock earnings preview, a weekly financial market preview piece every Friday, a round-up of all the big financial stories making the weekend press every Monday morning and regular stock market features.


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