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British Pound (GBP), FTSE 100 Latest: China Stimulus Brings Markets Hope

British Pound (GBP), FTSE 100 Latest: China Stimulus Brings Markets Hope

2020-02-05 09:00:00
Martin Essex, MSTA, Analyst and Editor
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GBP price, FTSE 100 news and analysis:

  • GBP/USD is modestly firmer in early European trading as Chinese efforts to boost its economy to counter the impact of the coronavirus help steady nerves.
  • Moreover, the FTSE 100 is rallying even though a possible further Sterling rally would harm the prospects of the many internationally-focused companies in the index.

GBP/USD, FTSE 100 sentiment could improve further

With no new Brexit news to focus on, GBP/USD is steadying and could rise further near-term as the People’s Bank of China continues to inject large sums of money into the Chinese financial system to help cushion any economic weakness caused by the coronavirus outbreak.

While Sterling is not a “risk on” currency to the same extent as the Australian Dollar, it too could benefit further on reports that the PBOC could lower interest rates and cut banks’ reserve ratio requirements in coming weeks should its current measures prove insufficient.

GBP/USD Price Chart, 30-Minute Timeframe (January 31 – February 5, 2020)

Latest GBP/USD price chart.

Chart by IG (You can click on it for a larger image)

GBP/USD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 4% 15% 7%
Weekly 11% -23% -3%
What does it mean for price action?
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Moreover, the traditional inverse correlation between GBP and the FTSE 100 index of leading London-listed stocks has broken down for now. Generally, a rising Pound damages the prospects of the many internationally-focused companies, such as banks and miners, that are included in the index.

For now, though, the improvement in market sentiment is lifting the FTSE 100 too and, like Sterling, its near-term prospects have brightened on hopes that China’s monetary measures will help offset any damage to the global economy caused by the virus.

FTSE 100 Price Chart, 30-Minute Timeframe (January 31 – February 5, 2020)

Latest FTSE 100 price chart.

Chart by IG (You can click on it for a larger image)

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We look at Sterling regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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