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#Gold #FTSE In terms of ethics, we’ve some difficulty differentiating between Bank of England behaviour and that of Mandelson, The Prince of Darkness, credited with inventing the current UK Labour Party and being the puppet master behind politicians such as Tony Blair and the current Prime Minister, K Starmer. While Mandelson emails indicate he was communicating Government intentions to his chum, Epstein, was the Bank of England any less guilty in telegraphing their interest rate machinations to the market place.<\/p>\n
We’ve joked – before the event – of the BoE encouraging market gains on Wednesday, perfectly aware their forthcoming announcement of “doing nothing with rates” on Thursday would provoke reversals, undoing all the gains from the preceding day.<\/p>\n
Wednesday saw the FTSE open at 10,314 points and close at 10,402 points.<\/p>\n
Thursday saw the FTSE open at 10,402 points and close at 10,309 points.<\/p>\n
From our own perspective, it felt like the BoE had manipulated the marketplace into doing its bidding, giving a gain before expected reversals on the “surprise” news UK interest rates were to remain untouched, continuing the central banks campaign of doing nothing for the economy. The level of “bad taste” generated every six weeks, when interest rate announcements invariably illuminate a central bank which is in business to benefit the central bank, rather than actually do anything for the UK economy, continues to cause frustration. At least the US President is now replacing folk at their Federal Reserve, due to his frustration at their treatment of the wider economy!<\/p>\n
This matter is one of our favourite gripes and now, the inactivity of the Bank of England risks provoking quite serious reversals for the FTSE. Sorry about all the numbers which follow but the BoE has pushed over a domino, revealing an unpleasant tier of trouble ahead. Currently, below 10,288 points risks bringing reversals to an initial 10,201 points with our secondary, if broken, at 10,102 points and a level which suggests a potential bounce. However, quite importantly, should 10,100 break, a cycle to 9,820 risks introducing itself, perhaps even an eventual bottom at 9.601 points. Visually, this would look like the BoE was deliberately trying to undo the market gains since the interest rate reductions which punctuated the end of 2025…<\/p>\n
Of course, there is the unlikely chance the market shall decide to ignore BoE manipulation, movement above 10,378 risking triggering gains to an initial 10.406 with our secondary, if beaten, at 10,466 points and some hesitation.<\/p>\n
Have a good weekend. Only a month to go before the Australian Grand Prix anarchy.<\/p>\n
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