FTSE 100 drops back again

Chris Beauchamp IG

The FTSE 100 remains unable to reach 11,000 says Chris Beauchamp, Chief Market Analyst at online trading and investing platform IG.

11,000 still a distant dream for FTSE 100

The next big round number is still a distant dream for the FTSE, despite a day of well-received results. Rising oil prices have crimped some of the optimism seen earlier in the week, but the price is still much lower than a week ago, providing a positive tailwind as we move into the second week of August.

Dollar higher on hawkish hints

While the Fed chairman seems keen on cutting back on communication, hints about a willingness to raise rates have allowed the greenback to move a little higher. But this jawboning will have to be stepped up a gear for the dollar to put in a more substantial move higher. For now the chances of a rate hike remain contained.

Author

Chris Beauchamp

Chris Beauchamp has been with IG for four years, and in that time has become a regular commentator and analyst for the financial press and TV, with appearances on all the major financial channels as well as the BBC and Sky News.

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