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There are a number of important economic data releases today that the market will look to for guidance going forward; however they may be left unsatisfied. The Bank of England effectively has its hands tied until Mark Carney takes over in July, and as such it is highly unlikely to make any decisions that could rock the boat before then. The other major decision-making body, the European Central Bank, is renowned for taking its time, and although the markets think they will come out with a package to help stimulate the eurozone into a recovery, this is unlikely to materialise any time soon.
Last night the IMF admitted that they badly misjudged the situation in Griekenland, which will simply add to the lack of faith equity traders have in the abilities of those in charge to organise successful rescue packages for troubled countries. Luckily there is no one country that is currently in need of a bailout.
Our clients remain optimistic that the FTSE will be able to stage a more solid recovery from the current disappointing run, as according to our sentiment indicators they are 62% long of the indices.