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Dips still bought but weak | 7375 7355 7332 7295 support | 7432 7458 resistance

#1 · 7th September 2023, 8:27 am

Technical analysis for FTSE 100 for 7th September 2023

Inflation will fall markedly by the end of the year, Andrew Bailey has said, as he signalled interest rate rises are nearing their peak. The Bank of England Governor said rates were “much nearer now to the top of the cycle” following 14 consecutive rises in borrowing costs. Sterling slumped to a three month low of $1.25 against the dollar following his comments, while money markets slashed bets on another rate rise at the next meeting of the Monetary Policy Committee (MPC) later this month.

The FTSE 100 closed down 0.16pc at 7,426.14, while the FTSE 250 midcap index ended 0.21pc lower at 18,451.82.