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End of month rise and dip | 7501 7530 7550 resistance | 7455 7430 support

#1 · 31st August 2023, 9:35 am

Technical analysis for FTSE 100 for 31st August 2023

The pound made its largest leap in six weeks amid hopes the US Federal Reserve will not raise interest rates further. Sterling gained 0.9pc after a downward revision to growth in the American economy and weaker than expected jobs figures. Meanwhile, private sector hiring slowed more than expected in August, with companies adding the lowest number of new jobs since March, according to data from payroll firm ADP.

Wall Street edged higher with money markets increasingly shifting bets toward US Federal Reserve holding interest rates where they are at the next meeting in September, at a range of 5.25pc to 5pc.

However, the push in the pound above $1.27 hurt the FTSE 100, where most companies make money in dollars. The FTSE 100 ended up 0.12pc at 7,473.67, after hovering around two-week highs.