Home Business NewsBusiness FTSE flat as sterling strength weighs

FTSE flat as sterling strength weighs

by LLB Editor
9th Feb 21 9:57 am

The FTSE 100 was tripped up by a familiar foe on Tuesday as a rise in sterling to near three-month highs against the dollar saw the index open more or less flat, says AJ Bell investment director Russ Mould.

“This was more a story of dollar weakness as investors eye the big stimulus package coming down the road in the US and the currency movement had a negative impact on the relative value of the overseas earnings which dominate the FTSE.

“Elsewhere, a big fall in UK consumer spending signalled once again the huge impact the current lockdown restrictions are having on the economy.

“Bitcoin continued to push to new record highs – with $50,000 the next level being eyed by traders. This was after Tesla founder Elon Musk effectively lit the blue touch paper, as it was revealed Tesla had bought $1.5 billion worth of the cryptocurrency.

“Oil continued its longest winning streak since 2019 as it chalked up a seventh straight session of gains.”

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