FTSE Holds Above 7700
Monday continued to be completely forgettable, the European indices trickling lower as the pound and euro rebounded against the dollar.
Down 0.2% despite Brent Crude erasing it early losses, the FTSE is nevertheless still holding above 7700, a level not seen since the end of January. The big question for the index this week is whether or not it can turn its springtime recovery into a record-breaking run, with its all-time highs within reach if a few things – namely Tuesday’s jobs report and the behaviour of Brent Crude – go the FTSE’s way.
Helping keep the FTSE muted this Monday is the pound’s latest attempt at a rebound against the dollar. Since the start of the month cable has been trapped between $1.35 and $1.36, with a brief foray to a 4 month low of $1.346 following last week’s Bank of England get-together. Rising 0.3% sterling is trading at the top end of May’s range, but without anywhere need the vigour needed to start to claw back the hefty losses incurred across the second half of April. Against the euro it’s almost as bad, stuck below €1.135 after last Thursday’s BoE-inspired relapse.
Dow set to cross 24900 for first time in nearly 2 months
Turning to this afternoon and the Dow Jones Futures have gradually wilted as the morning’s gone on. What was once looking like a 150 point increase is now closer to an 80 point rise; granted, that would be enough to take the Dow back above 24900, its best price in just shy of 2 months.
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