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FTSE 100 at Four-Month High on Trade Deal Optimism

ftse 100
ftse 100

FTSE 100 continues in the green for the fourth consecutive session after President Donald Trump said that US and China are close to signing a trade deal. Yesterday Chinese officials said that China and the US had reached a consensus on resolving some important trade issues. On the macro front, France Consumer Confidence above came in at 106 topping expectations of 103 in November.

Wall Street indices finished higher yesterday with S&P and Nasdaq finishing at fresh all-time highs, while in Asia stocks indices ended slightly higher with the Nikkei adding 0.28% at 23,437.

Later today we expect data from US GDP, Durable Goods Orders m/m, and Initial Jobless Claims.

FTSE 100 Resistance and Support Levels

FTSE breached in early trading yesterday’s high and now hits fresh four-month high at 7,441 enhancing the bullish momentum. FTSE 100 will find minor resistance at 7,445 the daily top, if the index manages to break above then the next target will be the August high at 7,610,  which guards the yearly high at 7,727.

On the other hand, FTSE 100 immediate support stands at 7,400 the daily low, while a break below will match strong bids at 7.315 the 200-day moving average.

The exchange rate pound to euro after yesterday’s correction is 0.08% lower at 1.2855.