News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/GVZ0RT2Zh3
  • BoJ's Kataoka: Hard to see inflation nearing 2% Will keep making utmost effort toward price target - BBG #BoJ $JPY
  • 🇨🇳 Caixin Services PMI (FEB) Actual: 51.5 Previous: 52.0 https://www.dailyfx.com/economic-calendar#2021-03-03
  • BoJ's Kataoka: Desirable to lower rates to strengthen easing Will add stimulus without hesitation if needed Will extend special funding program if necessary - BBG #BoJ $JPY
  • RT @BrendanFaganFx: AUD/USD Eyes February High After Australian Q4 GDP Beat $AUD $USD Link: https://www.dailyfx.com/forex/market_alert/2021/03/03/AUDUSD-Eyes-February-High-After-Australian-Q4-GDP-Beat.html
  • BOJ's Kataoka says it is appropriate to link forward guidance to a price target - BBG $USDJPY
  • The commodity-sensitive Canadian Dollar may continue outperforming its major counterparts in the coming weeks. USD/CAD, CAD/CHF, CAD/JPY and EUR/CAD key levels to watch. Get your market update from @DanielGMoss here: https://t.co/9bkVXQuP5C https://t.co/K4OaGLhNm1
  • Heads Up:🇨🇳 Caixin Services PMI (FEB) due at 01:45 GMT (15min) Previous: 52.0 https://www.dailyfx.com/economic-calendar#2021-03-03
  • Heads Up:🇨🇳 Caixin Composite PMI (FEB) due at 01:45 GMT (15min) Previous: 52.2 https://www.dailyfx.com/economic-calendar#2021-03-03
  • RT @FxWestwater: $USDCAD May Move Lower on #USD Weakness Despite Crude #Oil Breakdown Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/03/03/USDCAD-May-Move-Lower-on-USD-Weakness-Despite-Crude-Oil-Breakdown.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/KpSu8Db0A0
FTSE 100: How Much Higher Can It Trade?

FTSE 100: How Much Higher Can It Trade?

Alejandro Zambrano, Market Analyst

FTSE 100: How Much Higher Can It Trade?

The FTSE 100 (FXCM: UK100) is up by 5.8% since Thursday of last week on a classic ‘risk-on’ rally as traders booked gains on short positions and on the U.S. Retail Sales Control Group rising by 0.6% in January from negative 0.3% in December. The latter suggests that the U.S. economy is holding up better than expected.

Something which may also be inferred from the current reading of the Atlanta Fed GDPNow model, which predicts a 2.7 percent real GDP growth (SAAR) for the first quarter of 2016. This stands in stark contrast to financial markets appearing to project a far gloomier economy given their strong decline over the last few months.

FTSE100: How Much Higher In the Short-Term?

The FTSE 100 has already risen strongly, but may still gain over the next few days as its correlation to commodity markets (Bloomberg Commodity Index) suggests that it should be trading at 5996. In relation to the DAX 30, the FTSE 100 is fairly valued.

From a trading perspective, a good risk/reward ratio is important as outlined in the Traits of Successful Traders Guide, and it suggests that traders not long on last week’s break of the February 10 high of 5717, will wait for a pullback to the same level.

Traders are expected to remain bullish as long as the FTSE 100 trades above the 5604 level. On a break to 5604, the FTSE may reach the yearly low of 5498. Please see the chart below.

There are no key reports on tap this afternoon and it’s a public holiday in the U.S. (Presidents’ Day). Please see our economic calendar.

See the DailyFX Analysts' 1Q forecasts for the Dollar, Euro, Pound, Equities and Gold

FTSE 100 | FXCM: UK100

Please add a description for the image.

Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano

--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com

Contact and follow Alejandro on Twitter: @AlexFX00

Struggling with Trading? Join a London Seminar

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

DISCLOSURES