The FTSE 100 has enjoyed a solid start to the week, while even a hotter US inflation reading has not been able to stop the rally in US markets.
The stronger-than-expected US CPI reading failed to halt the Dow’s advance, with the price breaking through trendline resistance from the February highs.This could now set the stage for a move back to those record highs, and potentially higher. Support has appeared around 38,500, while below this the 50-day simple moving average has yet to be tested.
The price has pushed back above 18,000, and a move to a new record seems likely.The move comes despite a higher CPI figure than expected. For the moment support from early January continues to provide an underpinning for further gains.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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