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6th Aug 2021. 7.24am

Regency View:

Morning Report – Friday 6th August

FTSE to open at 7,123 (+3 pts)

The Bank of England (BoE) took a more hawkish tone in yesterday’s monetary policy summary…

With inflation above target, the central bank said “some modest tightening of monetary policy is likely to be necessary” – economists now expect the first rise in UK interest rates to come next year.

Sterling rallied against the euro and the U.S. dollar, as traders began to price-in the BoE acting faster than the ECB and Fed to normalise monetary policy.

All eyes will be on today’s key U.S. employment data, Regency members will receive our Non-Farm Payrolls Preview later this morning.

S&P 500+0.60%Bullish for UK stocks
Hang Seng-0.03%Neutral for UK stocks
Gold-0.19%Bullish for UK stocks
AUD/JPY+0.07%Neutral for UK stocks
US 10yr Yield+3.42%Bullish for UK stocks
Regency Risk Barometer Snapshot

?Risk Barometer Explained

Yesterday’s price action saw the FTSE bounce from short-term support at 7,093 – maintaining the markets bullish structure.

Whether we will see a test of the major resistance zone at 7,167-7,219 prior to the weekend remains to be seen, but the FTSE is on track to post its strongest weekly gains since mid-June.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Interim Results
ContourGlobal (GLO)
Hikma Pharmaceuticals (HIK)
Renewables Infrastructure Group (TRIG)
UK Economic Announcements
(08:30) Halifax House Price Index
International Economic Announcements
(07:00) Industrial Production (GER)
(13:30) Unemployment Rate (US)
(13:30) Non-Farm Payrolls (US)
(15:00) Wholesales Inventories (US)
(20:00) Consumer Credit (US)
Today’s Financial Diary

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Disclaimer:

This research is prepared for general information only and should not be construed as any form of investment advice.