Just got online at 5:30 pm for first view of markets today. Seems directionless after a minor recovery over the last few days, market commentary is stretching for an explanation and cites a strengthening dollar making commodities more expensive and therefore suppressing miners profits. Seems a real stretch in terms of the FTSE as dollar to sterling was around $1.57ish to £1 at yesterdays market close but weakened to $1.58ish in the evening. Just looked now and the dollar has strengthened to $1.5773 to £1 which, at worst is back to where it was when the FTSE closed yesterday or at best the dollar is still weaker than it was yesterday?
But as 4 of the miners are in the top 15 biggest companies on the FTSE it has an effect when they all finish down. Personally, the whole FTSE dropped off a cliff (only 30 points but looks big on a chart) at around the time a directionless Dow Jones opened so not sure I agree with the commentary.
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