It’s one of those ludicrously busy weeks, with the first Jerome Powell-run Fed meeting, a Bank of England rate vote and the triple-whammy of the UK’s latest inflation, wage growth and retail sales readings. Investors will have to wait for all that, however, as Monday is as empty as the rest of the week is full.
The stress of what’s to come – especially Wednesday’s potentially rate-hiking Fed meeting – combined with a lack of distraction and the ongoing political instability in the US contributed to a pretty damn duff start to the week for the European indices.
The FTSE fell 0.9%, sending it back below 7100 after spending the back half of last week trying, and failing, to mount a sustained charge beyond 7150. The DAX and CAC weren’t any better; the former dropped 1%, and is flailing about under 12270, while the latter slumped below 5225 with a 0.6% decline.
Interestingly, given what is on the horizon this week, the forex markets were surprisingly quiet. The pound and the euro are ostensibly on the back foot against the dollar, though both only lost 0.1% after the bell (admittedly the single currency is on a March low-hitting losing streak). Against each other, meanwhile, the pair sat flat, unchanged just above €1.135.
Disclaimer: Spreadex provides an execution only service and the comments above do not constitute (or should not be construed as constituting) investment advice or recommendations, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any person placing trades based on their interpretations of the above comments does so entirely at their own risk. Spreadex Ltd is a financial and sports spread betting and sports fixed odds betting firm, which specialises in the personal service and credit area. Founded in 1999, Spreadex is recognised as one of the longest established spread betting firms in the industry with a strong reputation for its high level of customer service and account management.
In relation to spread betting, Spreadex Ltd is authorised and regulated by the Financial Conduct Authority. Spread betting carries a high level of risk to your capital and can result in losses larger than your initial stake/deposit. It may not be suitable for everyone, so please ensure you fully understand the risks involved. In relation to fixed odds, Spreadex Ltd is licensed and regulated by the Gambling Commission under licence number.