The dollar sinks
The dollar sank overnight after Federal Reserve minutes revealed many policy makers thought it would “likely soon be appropriate” to start slowing the pace of rate hikes.
The minutes also supported US equities overnight and European stocks started Thursday’s session with a spring in their step.
GBP/USD breaks above 1.200
The weakness in the dollar has led to a rally in GBP/USD and a break above 1.200. GBP/USD now trades at the highest level since August, before Liz Truss’s doomed mini-budget.
FTSE 100 dragged by ex-dividends
A number of large dividend payers traded ex-dividend on Thursday, dragging on London’s leading index. Companies going ex-dividend include British Land, National Grid, Vodafone, Imperial Brands and Land Securities. These stocks were among the top fallers on Thursday. The FTSE 100 started the session in the red, before grinding higher in the first hours of trade.
Tesla shares bounce back
After hitting a 2-year low this week, Tesla shares surged overnight as investors stepped in to pick up the beaten down shares. Elon Musk’s takeover of Twitter has raised questions about his commitment to Tesla. In addition, concerns about Chinese demand for the EV makers products have weighed in on shares.
Thanks Giving in the United States
US markets are shut today for the US Thanks Giving holiday. Volumes across all major markets will be thin as a result, and may accentuate any moves in securities.