Though the Supreme Court’s decision wasn’t a massive boost for sterling – it leaves only a few obstacles for the government to clear before it triggers Article 50 – the fact that the bill will now be published on Thursday means the uncertainty that has plagued the currency for months is gradually dissipating. This caused sterling to surge 0.7% against the dollar (which has seemingly been softened by Trump) to hit a 6 week high, while a near half a percent increase against the euro took it to a fresh 3 week peak.
This did, however, limit the FTSE’s gains this Wednesday. While the DAX and CAC surged 1.4% and 1% respectively, leaving the former at a fresh 18 month high despite the German Ifo business climate reading coming in lower than expected, the FTSE could only managed a meagre 0.2% rise.
Looking ahead to this afternoon and the re-emergence of the Trump rally, thanks to the President re-igniting his promise to build a wall on the US-Mexico border lifting the infrastructure-related stocks, has the Dow Jones eyeing 20000 once again. The futures are promising a 60 point rise after the bell, one that would see the Dow at a 2 and a half week high AND leave it just 30ish points away from the landmark level that had eluded it for so long.
