Sterling gradually abandoned its early Thursday growth, the currency losing confidence as it mulled over the obstacles still littering the path to the avoidance of a no deal Brexit, regardless of the outcome of Wednesday’s vote.
Against the dollar the pound fell 0.3%, having been up half a percent and above $1.33 at the start of the session, while against the euro it saw its gains erased, sat flat a smidge higher than €1.169. The next Brexit vote isn’t until 5pm, so it’s going to be interested to see what, if anything, can cause sterling to shift some more as the day goes on.
This reversal green lit some decent growth for the previously somnambulant FTSE, the UK index surging 55 points to cross 7200 for the first time in over a week. The CAC was in a similar state to the FTSE, adding 0.6% to near 5350. The DAX, on the other hand, was in a right grump, stubbornly refusing to move from 11570 after the day’s German inflation reading missed estimates, coming in at 0.4% against the 0.5% forecast.
Having risen to 25700 on Wednesday night, the Dow Jones is expected to pull back by 30 or so points, with little on its economic agenda to change its mood.
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