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Sterling climbed 0.3-0.4% against the greenback as the morning went on, pushing the currency back towards $1.25. Against the euro, meanwhile, the pound took back another 0.1%, causing it to climb to an effective 2 month-plus high of €1.18. Overall sterling is now at a 2 month peak against a basket of currencies, suggesting investors weren’t particularly bothered by the flaccid future growth, expanding deficit and rising national debt outlined by Philip Hammond and the OBR during yesterday’s Autumn Statement.

As is the tradition the FTSE wasn’t best pleased by the pound’s performance, the UK index dipping back under 6800 following a near 25 point fall. A smattering of red in its commodity sector – especially those losses for BHP Billiton and Shell – didn’t help the index either. As for the Eurozone indices the DAX and CAC soon found themselves flat, lacking any real reason to budge following the confirmation of Germany’s dismal Q3 growth earlier in the day.

Bar a bit of unexpected political excitement it is hard to see this afternoon providing anything noteworthy, the European indices missing the usual momentum of the all-time high-hitting Dow Jones.

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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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