GB100 Analysis: Getting ready to economic data release

By IFCMarkets

Getting ready to economic data release

The Markit UK Manufacturing PMI in March this year unexpectedly turned out to be better than expected and amounted to 47.8 points. Thus, its decrease was not so significant compared with February data (48 points), despite the spread of coronavirus. In March, the Bank of England increased its asset buyback program, and in particular corporate bonds, by £ 200 billion to £ 645 billion a year. These funds will be used to reduce the debt burden of companies and support the British economy. In addition, the Bank of England lowered the rate to 0.1%. Starting April 15, at this rate, businesses and households crediting will begin as part of the economic assistance program. On April 9, Britain will publish data for February: GDP, trade balance, industrial production and others. If they turn out to be positive, this may support GB100 quotations.

Summary of technical analysis

Market Analysis provided by IFCMarkets