The euro’s post-German election movements continued to dictate trading, with a damp squib of a US open failing to bring anything new to the table.
With a significant far right, eurosceptic presence in the Bundestag (even if the AfD has been thrown into disarray this afternoon as its leader Frauke Petry suddenly announced she would serve as an independent MP), a French Senate disappointment for Emmanuel Macron and the looming issue of a Catalonia referendum in Spain deemed illegal by the country’s government, there weren’t many positives for the euro to cling onto this Monday.
Last Friday’s super charged PMIs a distant memory, the currency fell around half a percent against both the dollar and the pound, leaving it below $1.19 and 88p respectively. Given the reasons for the drop even the eurozone indices couldn’t find too much joy in the currency’s predicament; the DAX nudged just 0.2% higher, with the CAC flat at 5270.
Elsewhere the FTSE managed to reclaim 7300 with a 0.1% rise, shaking off its initial losses thanks to the pound’s (admittedly very mild) dip against the dollar, while ignoring the consumer credit warning from the Bank of England currently weighing on the banking sector.
As for the Dow Jones, it nudged 0.1% higher after the bell, doing nothing for anyone. Though there is only around 80 points between its current levels and last week’s all-time high, it is hard to see where the Dow is going to find the momentum to close that gap.
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