FTSE 100 higher but bitcoin drops back
|Stocks continue to be supported by expectations of a Fed cut next week, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.
FTSE 100 pushes higher
After a shaky start to the day, the FTSE 100 has clocked up a modest gain for the day, as it pushes back towards the top end of the week’s range. It has not exactly been a roaring bullish week for the index, instead consolidating as heavyweight news dries up, but hopes of a break higher remain strong. The focus remains firmly on next week’s Fed decision, with a cut now viewed as all but a certainty.”
Bitcoin eases off
“Bitcoin has edged lower, having touched $94,000 overnight. Price action continues to look supportive, and the macro backdrop continues to point towards more inflows as asset managers broaden their offering. While this was nothing like the selloffs of years past, it was uncomfortable enough for many. Next week’s Fed decision could be the catalyst that unleashes further buying momentum, putting the price on course for $100,000 again.”
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