Sterling Slips From One Year High

The Sterling slipped from a one year high towards the end of Wednesday’s trading session, and the slip helped to prevent the FTSE 100 from facing significant losses - although the UK’s leading index still ended the day down by just under 0.3 percent, it had fallen much more than that during early trade.

UNDEFINED - Wednesday, September 13, 2017

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The FTSE 100 looks set to recover, and potentially test 7,400 on Thursday, assuming that the news from the Bank of England is good. Currently, UK unemployment is at its lowest point since 1974, but wage growth is poorer than expected - in part because of rising inflation. The Bank of England is going to have to move carefully and send a clear message about interest rates this week.

The pound had been in the midst of a recovery to pre-brexit referendum levels, but it slipped once again today, which has helped to take some pressure off the index. However, weakness in copper prices meant that Antofagasta, Anglo American, Fresnillo, Rio Tinto, BHP Billiton and Glencore all suffered heavy losses - down between 1.8 percent and 3.9 percent each. Pharmaceuticals also struggled, with Astrazeneca, GlaxoSmithkline and Shire all ending the day down.

One of the few gainers of the day was easyJet, who gained 0.7 percent after it launched a new platform to allow customers to book flights on other airlines via the easyJet website. Meanwhile, in the mid-caps, Dunelm published a well-received full-year update, which left it as one of the top performers of the day.


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