The FTSE is currently indicating a higher opening as traders are hoping that the 3% gains in the US equities market will translate into gains for the FTSE. While there isnt any economic data out of the UK today, traders are getting themselves positioned ahead of the BOE interest rate decision due on Thursday.
Oil finally broke through the 120 dollar as traders realized that the hurricane is not going to hit any of the oil producing areas in the Gulf of Mexico. Add to this that we are almost finished with the summer driving season, we can see oil dropping below 110 dollars by the end of the month.
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