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Sideways action ahead of NFP tomorrow | 7510 7542 7564 resistance | 7476 7451 support

#1 · 7th December 2023, 9:27 am

Technical analysis for FTSE 100 for 7th December 2023

UK equities rose on Wednesday, tracking gains on Wall Street after labour market data spurred optimism about U.S. interest rate cuts next year, though British American Tobacco shares sank as it disclosed a big impairment charge.

U.S. stocks edged higher after data pointed to cooling labour market, prompting traders to price in rate cuts as soon as next March from the Federal Reserve.

However, Bank of England Governor Andrew Bailey said interest rates in Britain will need to stay at current levels for some time, adding that the outlook for inflation was uncertain.