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FTSE 100 sits at top of today's trading range, urgently calling for some good news!

Details: Category: The FTSE 100 Report; Published on Friday, 09 December 2011 10:42

Everyone’s attention today will be on developments coming out of Brussels as leaders battle on towards an agreement.

The FTSE 100 (INDEXFTSE:UKX) is 0.10% higher on the day at 5,489.10 at 10:19AM.

While the index may be marginally up it is worth pointing out that such levels represent the top of today's trading range.

A slip back into the red is likely unless some good news comes our way.

European leaders failed to agree to change the EU’s treaties last night, causing a new intergovernmental treaty to be negotiated, but only among 23 member states.

"Getting backing from all 27 countries however was a far fetched idea, especially with Britain’s stance. Although an agreement has started, it is still unclear how these new fiscal rules will be enforced without the backing of all 27 member states. Some short term efforts have been made to send some reassurance to the markets, with 200 Billion Euro’s in new EU Funding being sent to the IMF to help countries struggling to deal with the growing lack of liquidity in bond markets," says a morning note from Simon Furlong at spread betting company Spreadex.

So it seems we find ourselves in a very familiar situation regarding the EU, one of uncertainty.

Furlong says everyone’s attention today will be on developments coming out of Brussels as leaders battle on towards an agreement.

Investors were shedding their stock and gold positions yesterday as the days favourite was the US dollar.

The cause of this action was the speech from ECB president Mario Draghi, who said that the unlimited buying of government bonds was not an option, and that there were choppy waters ahead for the single currency.

"Investors will be watching closely day 2 of the EU leaders meeting today, and already this morning David Cameron has announced his rejection of the new EU treaty. So after losing 33.5 dollars yesterday to close at 1708.1, early bird traders have not decided their reaction to the news from the UK prime minister and the yellow brick is trading at 1709.4," says a morning note from Capital Spreads.