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Monday, August 4, 2008

BetOnMarkets Morning Update

The FTSE is currently indicating a lower opening, while traders are awaiting the release of the UK Industrial Production number. Analysts are expecting nominal growth of 0.1% for the month of June, which would possibly signal a change for the industry which has contracted almost 2% this year. A number which is stronger then expected will give the FTSE the boost its been lacking in the last few weeks.

Oil took it on the chin yesterday, after traders realized that the threat of the latest hurricane was all talk. Oil is currently sitting on a strong support level at 120.00 dollars per barrel, however if the last few days were any indication, oil will be pressured lower possibly revisiting the 115 dollar mark before more buyers will be found.