THE Andy 50 pips a day forex INVESTOR: Why I’m ditching lousy fund managers who can’t even beat a robot! Why are banks making it so easy for fraudsters to open accounts? Revealed: The most viewed overseas homes for sale including a Majorcan villa once featured on hit TV show Love Island – which exotic pad would you pick? Needless to say, Theresa May is going to pull something substantial out of her own Brexit hat with her speech on Friday to alleviate the currency’s renewed concerns.
Though the inverse correlation between the FTSE and the pound isn’t what it was at points in 2017, when the 2 were almost enemies, the index still produced a little smirk at sterling’s fate. The pound’s sharp decline, alongside the Dow Jones’ positive open, allowed the FTSE to climb 0. 378 against the dollar this afternoon, which, coupled with Wall Street’s moves higher, is helping to drive some gains on the FTSE 100 after two days of weakness. It marks the lowest swing down for the currency in more than two weeks. E-commerce may have destroyed the ‘everything under one roof’ USP of Toys R Us, but in the UK, it was Smyths, not Amazon that caused the most damage pic. Italian-themed restaurant chain Prezzo is set to close up to 100 of its 300 restaurants, including some of its Tex-Mex chain Chimichanga, putting hundreds of jobs at risk.
Prezzo, which is owned by private equity firm TPG Capital, is reported to be about to launch a Company Voluntary Agreement as it goes ahead with a major restructuring of the business. It comes as other restaurants have run into trouble so far this year, including Jamie Oliver’s Jamie’s Italian and his upmarket steak chain Barbecoa. The famous chef announced the closure of 12 outlets earlier this month, after closing down six last year. Burger joint Byron and Italian chain Strada are also among the other businesses that have already triggered closures so far this year.
After a day stuck in the red, the FTSE 100 has finally made some gains after Wall Street’s markets opened higher this afternoon. P 500 higher, the FTSE is up 0. 7,289, though still lags its high of 7,308 seen on Tuesday. Fiona Cinoctta, a senior market analyst at City Index, said investors believe Powell could take a more hawkish approach to rate increases than his predecessor Janet Yellen.
Fears over rising interest rates following Fed Powell’s first congressional testimony, sent Wall Street tumbling overnight. Powell’s unequivocal optimism over the outlook for the US economy and his hawkishness have led investors to believe that the Fed could take a more aggressive approach to monetary policy under the watch of Powell. As hoped, US markets have proven resilient and rose on opening today. 25,500 on the dot and the Nasdaq rose 0.