Market News & Analysis

Top Story

Pound volatile as Westminster power struggle goes to the courts

It should be an exciting day in the markets today.  Yesterday the Scottish Court of Session ruled the proroguing of Parliament was illegal, a decision that gave the pound a brief boost, sending it up past 1.234 to the USD. However this still has to go to the Supreme Court and the government will be hoping to see it thrown out.

The realization seems to be sinking in with the currency market this morning, with sterling now dropping back past 1.233 in early selling.

All eyes on today’s ECB meeting

Barring any further dramatic news from Westminster, the big news today will be the European Central Bank meeting where Mario Draghi is widely expected to announce a series of loosening measures. Current Eurozone inflation is well below the 2% level and with the Eurozone economy, including Germany, now seen to be struggling. The EUR is currently looking range bound ahead of the Draghi press conference.

Morrisons leads FTSE stocks on Amazon Prime announcement

WM Morrison is leading the FTSE this morning, up more than 3% on the back of its announcement of a multi-year partnership with Amazon Prime. The supermarket chain reported flat sales over the six months to the start of August. The FTSE is marginally up 0.25%.

Please note these products may not be available to trade in all regions.

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.