FTSE subdued in light-data session

The FTSE index is showing little movement on Tuesday. Currently, the FTSE index is trading at 7,284, up 0.09% on the day. There are no key British events on the schedule, so traders can expect a quiet day for the FTSE.

Trade tensions between China and the U.S. have caused sharp swings on the blue-chip FTSE, but the index has shrugged off the dramatic results of the European parliament election. Voters gave a spanking to the mainstream center-right and center-left parties, as populist and nationalist parties made strong gains across Europe. It was a similar story in the U.K., as the Brexit Party, which favors a no-deal exit for the U.K. from the EU, easily won the day, capturing 29 seats. Labor came in second place with 10, and the Conservatives won just 4 seats. The election results were a resounding backlash against the mainstream parties for their handling of Brexit, which has dragged on past the original deadline, with no solution in sight. For investors, the worst-case scenario is a no-deal exit, which could undermine the economy and dampen risk appetite. Unless May can pull a Brexit rabbit out of her hat, it will be up to her replacement, as yet unknown, to try and hammer out a withdrawal deal with Brussels.

Dollar rallies from multi week lows

Liquidity returns with cautious tone; Stocks remain vulnerable

Economic Calendar

Tuesday (May 28)

  • 4:30 British High Street Lending. Estimate 39.3K. Actual 43.0K
  • 19:01 British BRC Shop Price Index

*All release times are DST

*Key events are in bold

FTSE, Tuesday, May 28 at 11:15 DST

Previous Close: 7,277 Open: 7,300 High: 7,315 Low: 7,262 Close: 7,284

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Kenny Fisher

Kenny Fisher

Market Analyst at OANDA
A highly experienced financial market analyst with a focus on fundamental analysis, Kenneth Fisher’s daily commentary covers a broad range of markets including forex, equities and commodities. His work has been published in several major online financial publications including Investing.com, Seeking Alpha and FXStreet. Based in Israel, Kenny has been a MarketPulse contributor since 2012.
Kenny Fisher

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