FTSE shrugging off stronger Pound

The FTSE is on the rise, making up for some of the Thursday losses, as oil prices rebound from this week's lows, with traders waiting for more concrete news from the OPEC meeting in Vienna.

FTSE shrugging off stronger Pound

The FTSE is on the rise, making up for some of the Thursday losses, as oil prices rebound from this week’s lows, with traders waiting for more concrete news from the OPEC meeting in Vienna. Additional GBP strength, after the hawkish BoE update yesterday, is thankfully providing limited hindrance, thanks to corresponding USD weakness providing support to Energy and Miners via higher commodity prices (oil, metals).

Contributors:  FTSE +65ptswith a major contribution from HSBA (heavyweight), Energy (oil higher, weaker USD), Miners (weaker USD), Banks/Financials (risk appetite, rebound), BATS/ULVR/RB (defensives), VOD (rebound), TSCO (extending breakout). Offering minimal resistance are AZN/GSK (profit taking) and SHP (Takeda shares down). Technicals: The FTSE100 is bouncing from week’s lows, retracing Thursday’s fall toward week-long falling highs resistance.

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Categories: Analysis, News
Tags: FTSE 100

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