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FTSE 100 Outlook: BoE to Provide Liquidity Boost in QE Package

FTSE 100 Outlook: BoE to Provide Liquidity Boost in QE Package

Justin McQueen, Analyst

FTSE 100 Price Analysis & News

  • Bank of England Expected to Boost QE
  • FTSE 100 Prefers a Larger QE Package

Bank of England Expected to Boost QE

The Bank of England is due to announce its monetary policy decision at 12:00BST. As it stands, the broad consensus is for a GBP 100bln increase in asset purchases. However, risks are for a larger increase (GBP150bln) to maintain the current GBP 13.5bln of purchases per week, while also allowing for more flexibility should they wish to slow down the current pace. While market participants will be placing a close on rhetoric towards negative rates, the adoption of this policy is unlikely to be taken for some time.

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Since the May meeting, the significant weakening in the UK economy has largely been in line with the BoE’s expectations with Governor Bailey stating that last week’s dramatic 20% plunge in GDP was not surprising.

FTSE 100 Prefers a Larger QE Package

For the FTSE 100, the focus will be on the size of asset purchases, in which a larger than expected QE package could see the FTSE 100 supported in the short run. Initial resistance is situated at 6402, before the post coronavirus crash high at 6500. On the downside, support is seen at 6234, which marks the 50% Fibonacci retracement, where a firm break below, opens the door to a retest of 6000.

FTSE 100 BEARISH
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Change in Longs Shorts OI
Daily 21% -21% 12%
Weekly 14% -24% 6%
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FTSE 100 Price Chart: Daily Time Frame

FTSE 100 Outlook: BoE to Provide Liquidity Boost in QE Package

Source: IG Charts

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