Brent not helping FTSE 100 futures this morning

Oil prices have fallen back since peaking yesterday afternoon, but there will be more to add on that in another update. Meantime, that lower oil price this morning is not doing the FTSE 100 futures many favours so far this morning. The index closed lower yesterday. The index handed back 1.04%, which in relative terms made it the best performing major European index on the day. The DAX closed 1.4% lower and the CAC 40 handed back 1.20%. The FTSE 100 closed 90.40 points lower, at 8,583.56. Much was noted here on the outlook for the FTSE 100 this week, with the BOE policy decision due on Thursday. An argument for a greater than forecast 0.25% cut was outlined here yesterday, but of course that remains debatable. Turning back to this morning, the index is set to open a little lower and that seems due to the usual correlated dynamics, concerning the GBP/USD and the oil price. The Pound is above 1.24 this morning and the oil price is lower. So both acting as immediate headwinds for the FTSE opening shortly. Question is; will the index look though that and focus more on the prospect of a more radical monetary policy reaction from the BOE later in the week? We shall see. The FTSE 100 is right now priced to effectively reopen around 8,560