The FTSE stubbornly refused to join in with the positivity seen elsewhere, largely thanks to the pound’s ascendancy.
Holding around 7250, its best price in over a month, the FTSE has proven incredibly reluctant to climb any higher in the second half of the week. A large part of that will be due to the strengthening of the pound. Though the currency itself may not have too much to celebrate at the moment, it has been very adept at exploiting the weaknesses of its peers. Against the trade war-fearing dollar it has risen another half a percent, leaving cable within striking distance of a fresh 22 month high, while against the ECB-softened euro it is up 0.4% and above €1.157 for the first time since May 2017.
The eurozone indices displayed none of the reticence plaguing the FTSE this Friday. The DAX spent the morning tickling 12500 after rising 0.6%, a level it hasn’t been at since the end of February, with the CAC crossing 5300 to hit a similar high.
As for the Dow Jones, the US index is set to jump 50 points after the bell. That would leave it above 24500 and at its best price for more than 3 weeks, placing it firmly at the top end of its trade war concerns-dictated trading bracket.
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