FTSE boosted by US corporate reporting
Fiona Cincotta July 16, 2019 10:27 AM
European markets have a spring in their step this morning, boosted by record high closes on Wall Street where Citigroup kicked off the latest US earnings season.
European markets have a spring in their step this morning, boosted by record high closes on Wall Street where Citigroup kicked off the latest US earnings season. The bank will be followed by peers JPMorgan Chase and Wells Fargo before tech giants take up centre stage later this week including Netflix, Amazon and Alphabet.
Pound remains weak with signs of more Brexit strife
The pound struggled overnight, slipping 0.5% but recovered some ground this morning to trade at $1.2519. The bigger picture remains unchanged for the currency: the protracted Conservative leadership battle, the uncertainty over Brexit and the weakening of the economy coupled with the prospect of lower rates are combining to keep the currency under pressure.
The latest challenge to the next PM by activist lawyer Gina Miller over a potential attempt to override Parliament on no-deal Brexit makes it abundantly clear that the next incumbent in 10 Downing Street will not find it any easier to get an agreement on Brexit than Theresa May did.
The euro was fairly stable, moving very little as investors held back ahead of the European Central Bank meeting next week.
Oil prices are still slipping a little, WTI more so than Brent, as the market settles back down following tropical storm Barry. Look out for either speculative trading or geopolotical news for the next impetus.
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.