Spread Trading 2 Mar 10
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The regular Financial Markets Update from Simon Denham of Financial Spreads.
For today's update >> Financial Markets.
Spread Trading 2 Mar 2010
Ouch, when the markets don’t like you they really don’t like you.
Sterling spreads continue to struggle as the potential for a renewed Labour govenrment, or worse a hung parliament, becomes ever more likely.
In the meantime the Euro, which was the initial trigger to all of this, is sitting in the low $1.35’s seemingly comfortable with the current situation.
Support for the Euro at $1.3450 was tested again yesterday in all the chaos surrounding the Pound but there was no appetite for another bash and we bounced back into the middle of the recent trading range.
$1.3450 is proving to be something of a difficult barrier to break as we have now failed three times to make any impact. Either we are building up for a really impressive Euro bashing period or we have found a floor.
Both scenarios appear reasonable just now but the trend is always difficult to completely ignore and the Euro has been on the bear tack for some time now.
European equity markets continue to climb as their currencies weaken, although the overall momentum to the upside does seem a tad weary.
For Global investors UK equities must appear ludicrously cheap. Unfortunately it would be a brave investment advisor who recommended Sterling assets at this moment in time.
The FTSE 100 is opening at new recent highs of 5425 and we have now almost completely unravelled the sell off of late January/February and are back into positive territory for the year.
5400 has proved something of a barrier to the bulls recently and the potential confirmation of a breach higher this morning may bring out more buyers through the session.
The bold move by the Pru is a welcome variation on the more normal takeover going in the other direction, for years we seem to have seen the steady foreign acquisition of UK assets.
The price paid is not ‘full’ but not cheap either and the huge right issue discount price naturally brought the shorters out in droves. However, this time they just might be caught out as the Pru appears to have easily enough takers for the new stock.
Crude oil failed at the $80.50/81 level again, yawn, as the Dollar rallied. Whether there is appetite to pressure the lows is moot.
As yesterday’s comment pointed out, the $77/81 range is proving irresistible at the moment. Current price is at $78.60, mid range and uninspiring.
Traders will either play the ranges or wait for a break in either direction. To be fair at this price sitting on hands appears to be the best trading decision.
The above comments do not constitute investment advice and neither Financial Spreads nor Clean Financial accept any responsibility for any use that may be made of them.
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'Spread Trading 2 Mar 10' edited by SD, updated 02-Mar-10
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