Sterling (GBP) and FTSE 100 – Prices and Charts:
British Pound (GBP) Pushes Higher Ahead of the UK Budget
Sterling continues to make gains against a range of commodity currencies and the US dollar, touching multi-week highs ahead of the UK Budget. Chancellor Rishi Sunak will have a very delicate balancing act on his hands as he tries to steady an economy already under pressure from UK-EU trade talks, while the latest heavy equity sell-off may force the BoE’s hand to make an emergency interest rate cut. Sterling’s short-term outlook remains volatile but with a slightly better underlying bid.
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GBP/USD Daily Price Chart (July 2019 – March 9, 2020)
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FTSE 100 Slammed into Bear Market Territory
Global markets have been sold off aggressively over the last 3 weeks with losses accelerating over the last few days. The FTSE at one stage today was off around 2,000 points lower than its May 2018 record high at 7,903, before paring losses marginally. The ongoing spread of the coronavirus across the globe remains the major negative for risk markets, while the upheaval in the oil market weighs on equities.
FTSE 100 Weekly Price Chart (December 2015 – March 9, 2020)
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