» » UK Market Update Mon 08 July 19: AIM Sell-Off Resumes, GBP Weakness: FTSE 100 Firm

UK Market Update Mon 08 July 19: AIM Sell-Off Resumes, GBP Weakness: FTSE 100 Firm

US data from last week have bolstered the dollar as US rate cut expectations are trimmed. This increased pressure on GBP which has been vulnerable of late with UK PM candidates hard Brexit rhetoric adding to fears about the UK economy. While weak pound supports the FTSE 100 , it is FTSE250 and AIM negative. Those correlation played out today as the big caps held firm while the smaller caps sold-off. The 100 was relatively unchanged while the 250 lost 0.4% and AIM ALL-Share -1%. Crude held firm around the $64 level while gold mirrored the dollar strength and continued its sell-off dropping below $1400.

Market sentiment showed little sings of increased worry despite major global index weakness suggesting the selling is not yet concerted and may well be seasonal trimming and profit taking.

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