020 7898 0500Following last week’s disappointing performance, the stock markets rallied yesterday. Around 7pm UK time, the Dow Jones was up by 471 points which was the best performance for
some time. The move came as traders tried to shrug off last week’s pessimism and clung on to extremely positive profit news from Morgan Stanley.
It was also a good day for America’s factories, as US industrial production increased by 0.3% in September which was better than the 0.2% expected. It means that America’s
factories have expanded their output for the fourth month in a row. We also learned that manufacturing output increased by 0.2% in September to cap off a fine day for US
economic data, even if the dollar did lose a little ground against the pound.
Today’s highlight is the minute from the Federal Open Market Committee meeting and we will also see building permits for September. It will also be interesting to see if Wall
Street can continue its rallying.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 7898 0500 or your Private Client trader on
020 7898 0541.
