{"id":127151,"date":"2019-07-11T23:40:36","date_gmt":"2019-07-11T23:40:36","guid":{"rendered":"https:\/\/www.bnreport.com\/sterling-edges-higher-on-uk-no-deal-brexit-preparations-as-ftse-100-sheds-gains\/"},"modified":"2019-07-11T23:40:36","modified_gmt":"2019-07-11T23:40:36","slug":"sterling-edges-higher-on-uk-no-deal-brexit-preparations-as-ftse-100-sheds-gains","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/sterling-edges-higher-on-uk-no-deal-brexit-preparations-as-ftse-100-sheds-gains\/","title":{"rendered":"Sterling edges higher on UK no-deal Brexit preparations as FTSE 100 sheds gains"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.cityam.com\/wp-content\/uploads\/2019\/07\/GettyImages-818221320.jpg\" \/><\/p>\n<p>The pound rose 0.35 per cent against the dollar as the greenback slipped again today after falling on yesterdays comments from Federal Reserve chair Jerome Powell.<\/p>\n<p>Powell said \u201ctrade tensions and concerns about global growth\u201d have weighed on the US economic outlook, making a rate cut more likely.<\/p>\n<p><strong>Read more: <\/strong><a href=\"https:\/\/www.cityam.com\/mark-carney-too-busy-to-think-about-imf-role-for-now\/\" rel=\"noreferrer noopener\" target=\"_blank\">Mark Carney is too busy to think about the IMF role \u2013 for now<\/a><\/p>\n<p>Stock markets responded by soaring as investors predicted measures to try and kickstart the economy by slashing interest rates at the end of July.<\/p>\n<p>FTSE 100 was trading as high as 7,558 points this morning, while the Cac rose 0.15 per cent to 5,575 and the Dax was flat at 12,371.<\/p>\n<p>However, the FTSE 100 sank 0.35 per cent this afternoon to fall to 7,505 points as sterling edged up to 1.255 against the dollar.<\/p>\n<p>That followed the Bank of Englands warning that a no-deal Brexit risk is increasing.<\/p>\n<p>Governor Mark Carney said that such a scenario posed \u201cmaterial risks of economic disruption\u201d.<\/p>\n<p>But he added that <a href=\"https:\/\/www.cityam.com\/uk-banks-strong-enough-to-deal-with-no-deal-brexit-and-trade-war-says-boe\/\" rel=\"noreferrer noopener\" target=\"_blank\">UK banks can withstand the UK crashing out of the EU without a deal<\/a>, sending the pound higher.<\/p>\n<p>Sporeadex financial analyst Connor Campbell said sterling had \u201cseemingly taking heart from the Bank of Englands claim\u201d that the UK economy had improved preparations for such an eventuality.<\/p>\n<p>It also rose to 1.114 against the euro too, piling pressure on the internationally-exposed FTSE 100.<\/p>\n<p>\u201cThese gains served to prevent the FTSE from joining in with the gains seen elsewhere,\u201d Campbell added.<\/p>\n<p>Edward Moya, senior market analyst at Oanda, told <em>City A.M<\/em>: \u201cWhile sterling has been hampered on Brexit uncertainty, with no-deal risks surging, the downward move has been overdone and the focus is likely to remain on the Feds easing over the coming weeks.\u201d<\/p>\n<p>Th<a href=\"https:\/\/www.cityam.com\/sterling-edges-higher-on-uk-no-deal-brexit-preparations-as-ftse-100-sheds-gains\/\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pound rose 0.35 per cent against the dollar as the green..<\/p>\n","protected":false},"author":1,"featured_media":127152,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-127151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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