Summary:
- Canadian Dollar offered support over prospects of a more aggressive BoC.
- Berkeley (BKG.L)
FTSE closes 0.7% down
As expectations of a global recession strengthen so too does investor risk-off sentiment. On Wednesday the share price of Berkely (BKG.L) despite posting a profits boost from housing demand and a higher forecast for the coming months. Hence, this has likely to have contributed to the falling FTSE 100 index as Berkely is listed on this index.
FTSE 100 Price Chart
Canadian Dollar Rallies
In the wake of favourable Canadian Inflation data, investor sentiment for the Bank of Canada turning more aggressive toward monetary policy decisions will likely strengthen, which could support the Canadian Dollar.
According to Statistics Canada, during May, Canadian consumer inflation rose 7.7% year-on-year, this marks the largest yearly increase since January 1983, and up from a 6.8% rise in April. The rise in inflation excluding gasoline, showed the CPI rose 6.3% year over year in May, after a 5.8% increase in April, highlighting the broad-based nature of the inflationary jump.
Sources: finance.yahoo.com, poundsterlinglive.com
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