Forex Spread Betting: GBP/EUR Surges as UK Retail Sales Surprise
In mid-morning trade, the FTSE is fractionally lower, as the August phenomenon of deserted markets grinds on.
Indices remain close to five-month highs, although it is currently so quiet that you can hear a pin drop.
It seems that most people are quite content to let markets potter along for the rest of August, on the basis that September will see the arrival of central banks onto the stage.
Positive news from Cisco last night boosted sentiment, as the company said it beat profit expectations and would lift its quarterly dividend by a hefty margin.
Bid talk is lifting African Barrick Gold, with the shares up 9% after a Chinese firm emerged as a possible buyer for the miner.
UK retail sales enlivened sterling’s morning, after growth beat expectations, sending the GBP/EUR market 50 points higher in a short space of time.
US data is once again out in force this afternoon, including weekly jobless data, housing starts, building permits and the Philadelphia Fed index.
The FTSE may have struggled to make any headway this morning, but Wall Street looks set to open slightly higher, with the S&P 500 starting 1.5 points up at 1405.
Spread betting carries a high level of risk to your capital. You may lose more than your initial investment. It may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
Financial Market Comments from Ben Critchley, Sales Trader, IG Index.
The above comments do not constitute investment advice and Clean Financial accepts no responsibility for any use that may be made of them.
Content provided by IG Index which is Authorised and regulated by the Financial Services Authority. FSA Register number 114059.
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