FTSE Drops to Five Month Low as Eurogroup Meeting Underway

With Greece still firmly on the crisis list, leading shares are heading lower once more.

The FTSE 100 is currently down 26.08 points lower at 6654.47, heading for a new five month low. Another 90 points or so and the index will have lost all the gains it has made so far this year.

But mining shares, normally among the first to get hammered when investors turn cautious, are trading higher. The comments from the US Federal Reserve on Wednesday suggested a rate rise might come this year, but given the weakening US economy this was by no means certain, and even so, any moves would be gradual. This slightly more dovish tone than expected, leaving the dollar lower and helping commodity companies where prices are quoted in the US currency, especially precious metal miners.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza