There was no post-EU summit surge for sterling, the currency’s fingers burned too many times in the last few months to fully trust any developments.
Up 0.1% against the dollar and flat against the euro, the pound was neither tricked nor treated by the news that Article 50 had been extended until October 31st (with the chance for the UK to leave earlier if the withdrawal agreement is passed before then). Both the currency and businesses alike now want to see some actual, tangible, anxiety-easing progress towards an exit plan, not just a rehash of May’s despised deal.
While its miners remained stuck in a rut, the FTSE overturned its initial (mild) losses for some (mild) lunchtime gains, adding 0.2% to loiter at 7435. This as the DAX added 0.3%, putting it back at 11950, with the CAC far ahead of its peers at it crossed 5480 thanks to a 0.7% increase.
The Dow Jones, which appears to have lost its end of March/start of April momentum, is set for another bland open, with the futures suggesting a 0.1%, 26200-nearing rise when the bell rings on Wall Street.
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