Market News & Analysis

Top Story

Sterling rallies to 7-month high, stocks edge higher

Politics, more politics and then some technical buying have helped the pound hit the highest level in seven months against both the dollar and the euro. 

The dollar has been under pressure for several days now as the China US trade deal seemed to be slipping through their collective fingers, the notion confirmed yesterday after President Trump said that a deal may not happen until after the US elections in November 2020. 

During the same period the pound has been strengthening based on polls showing a likely Conservative win in UK elections later this month and finally after the markets opened in London sterling broke above the key $1.3 level. This spurred some technical buying this morning which was only capped after the release of the UK services PMI data showing that the sector has stopped growing for the last three months.

FTSE moves higher as China talks hang in the balance

Financial services firms traded higher bolstered by a stronger sterling while mining and metal groups also gained ground despite the latest crisis with US-China trade talks. 

Vodafone’s big news about cooperating with Amazon Web Services on computer and storage services on its network fell on deaf ears with investors and the stock declined 0.94%. This is in sharp contrast with French network operator Orange which rolled out its new five-year strategy which included higher earnings targets and potential plans for mobile tower operations.


This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit for the complete Risk Disclosure Statement.

Important Notice:

Cryptocurrencies are not legal tender currency and trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they do not have protection under the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks.