After a bombardment of news – including a Fed statement, dovish Bank of England rate hike and mixed US non-farm jobs report – investors may struggle to scrape together anything of note in the first full week of November.
Befitting a tame economic calendar, the markets have gotten off to an achingly slow start. The FTSE opened flat, just a smidge below 7560, meaning with a bit of luck it could find itself to a fresh all-time high at some point this week. A decent smattering of gains in the commodity sector, specifically the miners, is helping prop the UK index up, following a 1.2% jump from copper.
As for the pound, it is continuing to show little interest in recovering last week’s post-BoE losses. While cable has nudged 0.1% higher, its current $1.308 price is a far cry from the $1.33-crossing peak struck last Wednesday. Sterling has fared a bit better against the euro since Thursday’s sharp losses; however it still remains around 2 cents away from the €1.145 intraday high hit in the run-up to the Bank of England’s rate vote.
In the Eurozone the indices looked a bit grouchy, with the DAX, CAC and IBEX 35 all dipping around 0.1% to 0.2%. At least they have some data to work with this Monday; the Eurozone belatedly releases its services PMIs this morning, with the region-wide figure forecast to fall from 55.8 to 54.9 month-on-month.
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