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FTSE 100 set to open above 7,800 today as BOE policy decision looms

The surge in the US stock markets last night and the gains for the DAX and the CAC 40 futures have helped to lift the outlook for the FTSE 100 opening today. The index closed virtually unchanged yesterday at 7,737. Right now it is poised to potentially reopen above 7,800, but we do have some UK PMI data due out after the opening (at 9.30am GMT) that could determine the price action. Then, at 12pm GMT we get the important Bank of England monetary policy decision. It is highly unlikely that the BOE will change rates today and it is almost a dead cert  the base rate will remain on hold at 5.25%. If it does not, then fireworks will ensue across all the UK markets. Outside of that, it probably depends on whether it is a Hawkish hold, or a Dovish one from Andrew Bailey and his colleagues that will dictate the price action from there until the close. 

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