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GBP strength dampens FTSE breakout

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Mike van Dulken, Head of Research at Accendo Markets commented to clients this morning:

The FTSE100 is holding its post-Bank holiday jump above 7585, but back from its 7640 best of the day. Helping risk appetite are Miners welcoming fresh USD weakness, giving metals prices a boost, coupled with a US-Mexico trade deal offering hope that Trump's trade deficit spat with Beijing could calm. Hindering the index is GBP strength vs USD, sending several defensives lower, and eclipsing higher Oil prices to keep heavyweight Energy shares offside. Contributors: FTSE is +25pts, boosted by Miners (weak USD, metals prices higher), ULVR/RB (heavyweight, defensives), HSBC (risk appetite, Asia exposure), PRU (UBS top pick), SHP (fresh highs, Takeda bid), NMC (denies Indian expansion speculation). Holding the index back are BP/RDSB/BATS/ABF/GSK (GBP strength) and VOD/CRH (stronger EUR). Technicals: The FTSE100 is holding the upper half of a 2-week rising channel.”

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