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FTSE 100 futures extend gains as the Pound falls below 1.3000
Well, it is hardly much of a surprise here, given the slide in UK inflation noted earlier this morning, but the GBP/USD has now fallen below the 1.30 handle and that has come alongside further gains for the FTSE 100 futures, for the very same reason- the prospect of a BOE rate cut now sooner rather than later. Of course, if the UK budget delivers more tax hikes, that would pave the way for the BOE to cut rates. This inflation data just gave the Old Lady (BOE) the licence to do that should it so choose. So, the odds of that happened have now increased significantly this morning, according to money market pricing right now. The FTSE 100 will shortly reopen and that opening is priced close to 8,300 right now, remembering the index closed yesterday at 8,249
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