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UK100 rises as USD remains well bid

Market Analysis

UK100, H4

European stock markets are mostly higher as USD strengthens. The GER30 and UK1000 are managing gains of 0.30% and 0.47% respectively after a largely positive session in Asia, where robust PMI readings out of Japan and China helped to underpinned sentiment as several markets including China, Hong King, India and South Kore were closed for public holidays. In Europe the stronger USD helped core markets, while the escalation of tensions between Barcelona and Madrid saw the Spanish IBEX selling off -1.30% and also kept a lid on Italian and French markets, which are swinging between gains and losses and as of 11:05GMT were up 0.12% and 0.09% respectively. The Euro Stoxx 50 (EU50) was still down -0.7%.

Last week’s UK100 long position from the webinar (September 26) hit target 1 on Friday (+60 pips). Target 2 (7425) remains in sight, following the breach and break of the H4,  50 period moving average earlier.

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Stuart Cowell

Senior Market Analyst

HotForex

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