S&P 500 Rose And Then Pulled Back, Despite Boris Johnson's Vote Of No-Confidence, GBP Remained Strong| FXMAG.COM

Summary:

Is positive investor sentiment returning to the markets?
GBP bullish against USD

S&P 500 sees gains and losses as the index tries to recover

U.S stocks rose in early Monday trading but have since dropped again amidst the current uncertain economic outlook and the prospect of tighter monetary conditions. The S&P 500 closed low on Friday in a general market sell-off. The decline last week came in the wake of a stronger-than-expected job report for May that showed that job hiring slowed but still kept a strong tempo. The showing of labor market strength aligned with expectations for policy makers on track with monetary policy tightening.

Monday's drop in equities comes as the U.S treasury yields benchmark topped 3% during Monday's session.

S&P 500 Rose And Then Pulled Back, Despite Boris Johnson's Vote Of No-Confidence, GBP Remained Strong - 1 GSPC Price Chart

Pound Sterling remains strong

On Monday the pound sterling traded strong despite that Monday evening bringing with it a vote of no-confidence for Prime Minister Boris Johnsson. Despite the vote of no confidence, the pound sterling has remained strong, indicating to the market that it will remain strong despite politics.

The pound sterling is bullish against the US Dollar and is showing mixed signals when it comes to its other major counterparts such as the Euro and CHF.

Sources: finance.yahoo.com, poundsterlinglive.com