Not much joy for the FTSE 100 following BOE decision

As just noted in the previous update it was quite a close call on the voting split on the Bank of England MPC decision on rates. That has led the Sterling futures markets to now price-in a greater chance of a cut in August. The odds on that have now elevated to around 55%. The reaction in the Pound to the news has not been especially encouraging, as a result of that Dovish hold on rates. The FTSE 100 is not garnering much support either and in these markets August is a long way off. So, the FTSE 100 is just edging down too. Earlier it did have a look below the 8,800 handle for the first time in quite a while, but the fall only extended to 8,793.14 and it was already on the rebound close to 8,830, when this policy decision hit the wires. The reaction subsequent to that has seen the index fall back slightly, but it might drop further. We shall have to see on that, but the index really could have done with more of a boost from the BOE today. The FTSE 100 is right now at 8,813