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.
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