Discussion Forum for trading analysis, help, signals and learning how to trade. Chat with other traders , post analysis, trades and ask questions. This is the public part of my website. For more in-depth discussions please consider joining to chat with other members
Inflation continues to cool | 7500 7528 7541 resistance | 7427 7400 support
Quote from Nick on 15th November 2023, 10:14 amTechnical analysis for FTSE 100 for 15th November 2023
The FTSE 100 leapt higher today after Rishi Sunak met his target to halve inflation by the end of the year, boosting hopes for interest rate cuts by the summer. The UK’s benchmark stock index gained 1.1pc shortly after markets opened after price growth dropped to its lowest level in two years. The consumer prices index (CPI) dropped to 4.6pc in October from 6.7pc the previous month, according to the Office for National Statistics (ONS), after a slowdown in the increasing cost of gas and electricity. The Prime Minister had pledged at the start of the year to halve inflation to below 5.4pc by the end of 2023.
The pound jumped yesterday after US inflation fell more sharply than expected last month raising hopes that interest rates in America will begin to fall early next year. The consumer prices index fell to 3.2pc in October, according to the Labor Department, down from 3.7pc the previous month and below predictions of a fall to 3.3pc.
Core inflation, which strips out volatile food and energy prices, fell from 4.1pc to 4pc in its lowest reading for two years.
The data sent the value of the dollar sharply downward, with the pound gaining more than 1.4pc against the global reserve currency to tip over $1.24.
Technical analysis for FTSE 100 for 15th November 2023
The FTSE 100 leapt higher today after Rishi Sunak met his target to halve inflation by the end of the year, boosting hopes for interest rate cuts by the summer. The UK’s benchmark stock index gained 1.1pc shortly after markets opened after price growth dropped to its lowest level in two years. The consumer prices index (CPI) dropped to 4.6pc in October from 6.7pc the previous month, according to the Office for National Statistics (ONS), after a slowdown in the increasing cost of gas and electricity. The Prime Minister had pledged at the start of the year to halve inflation to below 5.4pc by the end of 2023.
The pound jumped yesterday after US inflation fell more sharply than expected last month raising hopes that interest rates in America will begin to fall early next year. The consumer prices index fell to 3.2pc in October, according to the Labor Department, down from 3.7pc the previous month and below predictions of a fall to 3.3pc.
Core inflation, which strips out volatile food and energy prices, fell from 4.1pc to 4pc in its lowest reading for two years.
The data sent the value of the dollar sharply downward, with the pound gaining more than 1.4pc against the global reserve currency to tip over $1.24.