Market News & Analysis
Market Brief: Pound Caps Off a Big Week with a Surge to 7-Week Highs at 1.25
Matt Weller, CFA, CMT September 13, 2019 8:58 PM
- FX: The British pound was the strongest major currency, taking GBP/USD to its highest level in seven weeks. The loonie was the weakest major currency on election concerns, dropping to a nine-day low against the greenback.
- US data: US retail sales came in mixed, with the headline figure printing at +0.4% m/m vs. +0.2% eyed, but the “Core” reading was flat vs, a +0.1% reading expected. Separately, UofM Consumer Sentiment beat expectations at 92.0 vs. 90.8 eyed.
- See the key trends and themes we’ll be watching next week!
- Commodities: Both oil and gold fell by less than 1% on the day.
- US indices finished mixed, but the Dow nonetheless maintained its winning streak. This week’s big story was the outperformance of value stocks over growth.
- Materials (XLB) were the strongest sector on the day while REITs (XLRE) brought up the rear.
- Stocks on the move:
- Apple (AAPL) dropped -2% after Goldman Sachs lowered its price target in the wake of Apple’s TV+ announcement.
- Broadcom (AVGO) fell -3% after announcing a disappointing full-year revenue outlook yesterday.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.