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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
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
  • BoE's Ramsden says the BoE are not about to use negative rates imminently
  • BoE's Ramsden says if you have negative rates in the toolbox, you are duty bound to explore in more detail the operational considerations $GBP
  • BoE's Ramsden says he sees effective lower bound is still at 0.1% $GBP
  • BoE's Ramsden says the initial fall in the UK and global activity was less sharp than BoE feared in May $GBP
  • Japan will remove travel bank for 10 countries or more from from the beginning of October, according to Nikkei Asian Review
  • Brexit latest: Unlike the EU, the UK have tunnel vision
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.64%, while traders in EUR/GBP are at opposite extremes with 63.56%. See the summary chart below and full details and charts on DailyFX:
  • Scary to think how many job losses will have become permanent in the wake of the #CoronavirusPandemic Continuing jobless claims peaked at levels almost 3 times higher than those seen in the aftermath of the 2008 global financial crisis Hardly bodes well.....
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: -0.15% Silver: -0.30% Oil - US Crude: -0.61% View the performance of all markets via
FTSE: Strong Sterling Reaction on BoE May be Needed to Break It Free

FTSE: Strong Sterling Reaction on BoE May be Needed to Break It Free

2017-10-31 09:00:00
Paul Robinson, Strategist

What’s inside:

  • FTSE 7550-ish continues to be problematic for upside momentum
  • 7430-ish providing good support for now
  • Strong reaction in sterling on BoE may be needed to break either side

Find out in the DailyFX Q4 Forecastswhat we expect to drive the FTSE & Pound into Year-end.

The FTSE was seeking resolution last week when it got jammed up between the area around 7550 and the February 2016 trend-line. The gridlock was broken on Wednesday, but the market quickly found support in a region around 7430 and has the footsie looking at another set of levels (albeit it wider now) to contend with before possibly finding some momentum one-way or another. Resistance is clearly defined as 7550/65, support 7430ish.

To trade higher, a clean close will need to develop above the 7550/65 region, which will also constitute yet another recapture of the Feb ’16 trend-line. At that point we could reasonably expect the market to move to the June intra-day high at 7599 and better. A clean close below ~~7430 will likely bring the 200-day MA into play, with the next sturdy price support clocking in around the 7310/290 region.

The FTSE 100 is mostly comprised of multi-national companies, and as such its performance is impacted by strong fluctuations in the pound. Corporate profits as they are repatriated back into the UK receive a boost from the conversion from a stronger currency to a weaker pound, and conversely the opposite effect when the pound strengthens. Since ‘Brexit’ the inverse correlation on a rolling 3-month basis has been diminishing but still stands at nearly -30%. Even though currency impact is generally weakening, important events which push around the currency are still very likely to lead to strong moves in the 100-index.

We have ‘Super Thursday’ coming up, where the BoE is expected to raise rates to 0.50% from a record low 0.25%. The quarterly inflation report will be released as well. Look for a large move out of sterling to either boost or sink stocks and push the FTSE above or below the aforementioned levels. If not, a range could develop yet again.

Check out these tips for Building Confidence in Trading.

FTSE: Daily

FTSE: Strong Sterling Reaction on BoE May be Needed to Break It Free

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email by signing up here.

You can follow Paul on Twitter at @PaulRobinonFX.

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