The markets weren’t particularly fussed by Donald Trump’s criticism of the Federal Reserve this Friday – the President expressed his disdain for the central bank’s rate hiking plans, and what that means for an already strong dollar – with the European indices smashing the snooze button.
With Brent Crude and copper taking back some of their recent losses, the FTSE could eke out a 10 point rise as the session got underway. That helped push the UK index back above 7700 for the first time since the start of the week, completing the FTSE’s recovery from Tuesday’s lows.
Even with Trump creating a tricky situation for Jerome Powell and his Fed peers heading into August, the pound couldn’t catch a break on Friday. Instead cable slipped 0.1%, keeping sterling teetering at a 10 month low of $1.30. Against the euro, meanwhile, the pound was stuck at levels not properly seen since the end of November last year.
Over in the Eurozone things were just as dull. The DAX dipped 10 points, keeping the German index away from 12700, while the DAX slipped by 0.1%, leaving it struggling to hold above 5400.
"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."