FTSE Index drops by 132 points

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges:

Rates EUR/USD 1.4206-1.4368

Rates GBP/USD 1.6285-1.6439

Rates GBP/EUR 1.1427-1.1515

FTSE Index drops by 132 points to 5,585.74 wiping off more than £35 billion off UK shares. The index crash is now down 2.5% after its third consecutive day of drops as fears to the world economy increase.

The £35 billion was wiped off the value of UK’s biggest companies yesterday as the global economy sunk deeper into crisis and stock markets around the world fell as the debt storm in America blew back across the Atlantic to Europe and threatened to engulf Italy and Spain.

Investors remain cautious as debt concerns and weaker economic data both sides of the Atlantic have continued to drive stock markets lower despite the Dow closing with a small gain yesterday. Panicked investors were also rattled by signs of a severe slowdown in the United States, the world’s biggest economy, as it edged closer to a double-dip recession.

Italy’s Berlusconi and Spain’s finance minister were forced into public defence of their governments economic policies, however cost of borrowing continues to rise for both nations. Also the Swiss National Bank slashed rates yesterday in an attempt to weaken the Swiss Franc which has continued to strengthen over the last year. The Bank of Japan followed suit by intervening in the market over night by buying USD’s to also stem the strength of the Yen.

 

Sterling has held onto its recent gains having traded at € 1.15 today. Both the ECB and BoE left rates unchanged, market will wait for comments at the post press conference from ECB’s Trichet at 12.45pm

 

EUR/USD currently 1.4252. Support 1.4200, resistance 1.4500.

GBP/USD currently 1.6333. Support 1.6300, resistance 1.6600.

GBP/EUR currently 1.1464. Support 1.1350, resistance 1.1600.

 

Oil $ 92   Gold $ 1665

Dow +0.25%     FTSE +0.75%    Nikkei +0.23%

 

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