Daily Market Analysis 08.06.2023: UK100

Instrument: UK100

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 7638.0 with take profit at 7650.6.
Bearish Preference: 
Sell position is envisaged if price trades below 7622.3 with take profit at 7610.3.

No high-impact bearing to this instrument.

European stocks drift lower; weak German factory orders hit sentiment. European stock markets drifted lower Tuesday, as investors fretted about slowing global growth and future central bank policy decisions. Data released earlier in the session showed that German factory orders unexpectedly dropped 0.4% in April, illustrating the dimming prospects for Europe’s largest economy after it endured the first recession since the pandemic over the winter. The final composite PMI index, seen as a good gauge of overall economic health, released Monday, showed that business activity in the eurozone was shored up last month by the bloc’s dominant services industry offsetting a deepening decline in the manufacturing sector. While President Christine Lagarde on Monday cemented expectations of more rate hikes–the ECB also meets next week–by stating that it was too early to call a peak in core inflation despite “signs of moderation”.

Analysis: SCRUM Team

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